On the 8th of January, Litecoin went sharply up and formed a double top at BTC 0.02. The consolidation followed, and while LTC/BTC was trading within the triangle pattern support has been formed at 38.2% Fibonacci retracement, that is BTC 0.014.
Finally, on the 3rd of February, price managed to break out the triangle pattern and produced a new higher-high, hitting BTC 0.025 and breaking above 161.8% Fibs. On the correction down Litecoin rejected the uptrend trendline after which it broke above the 200 Moving Average, which now does act as the support.
Current price action suggests another wave up towards BTC 0.03, which is 261.8% Fibonacci retracement. On the downside, break and close below the 0.018 could send price lower, towards of the support levels.
Finally, on the 3rd of February, price managed to break out the triangle pattern and produced a new higher-high, hitting BTC 0.025 and breaking above 161.8% Fibs. On the correction down Litecoin rejected the uptrend trendline after which it broke above the 200 Moving Average, which now does act as the support.
Current price action suggests another wave up towards BTC 0.03, which is 261.8% Fibonacci retracement. On the downside, break and close below the 0.018 could send price lower, towards of the support levels.
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