Can Litecoin Beat the Competition?
Kiana Danial | Feb 06, 2019 12:32AM ET
While investing in Litecoin and holding long-term may not be the best strategy, some short-term traders have been taking advantage of the choppy conditions in the token’s price action. Of course, short-term trading involves a lot of risks and is not suitable for all. But for those who are interested, let’s take a quick look at the LTC/USD 4-hour chart to identify any potential trading opportunities.
After its massive drop back in November 2018, the pair has found median support at $30, a soft resistance at 35 and a harder resistance at 39. The pair broke above the 4-hour Ichimoku cloud beginning of February and appears to be on its way to the resistance levels. The $39 resistance also falls on the 50% Fibonacci retracement level which tracks the drops on November. That means breaking above it could be relatively difficult, and we could see another round of drops towards the support levels later on. The hard, medium-term support is at $22.
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