Taking a birds eye look at Litecoin, we can see some good action for both the bulls and the bears in the market. Overall in the long term, in my opinion, Litecoin is still extremely bullish, but lets take a look at the technical side.
On the chart we can see that we are currently down trending again against the US Dollar, but we can see the buyers getting in on the action in the lower $200 zones.
Momentum is still very much bearish (short term), however with very little selling/buying volume at this point I can’t see much bear action in the near future.
This can change quickly should we see some big hitters selling off LTC, but the last few dips got bought up pretty quickly so I will be looking more towards the direction of the moon on this one.
Setup at the moment is quite simple, resistance is it 300 for the short term and support at 220 – 230. (Bitstamp)
Should support break I would expect the next level of support to be at $200. Should the prices break above $300 you could play a long into the 340 – 350 for some quick gains.
Investors looking to buy LTC for the long term hold could stack orders from here down to $200. Safe trades.