BITFINEX:LTCUSD   Litecoin / Dollar
329 0

Hi everyone,

I have been invested in crypto for a few months now, recently I have been trying to understand more on technical analysis for the crypto market. This is my first post, so by no means am I suggesting any financial advice, and please feel free to correct me.

Now that we are briefly settling after a beautifully awaited spike in LTC, I see two possible options for the short term. We are sitting at the .382(206) fibonacci retracement , if there is enough volume , momentum will push LTC to the .5(238) retracement. If we can't get enough buy volume or momentum to do so, I see a fall back to the .236(167) fib retracement.
I see a wedge forming, the RSI seems to be resting at the 50-60, lets see what happens.

Hope this helps and happy trading.

4Hour Chart

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