LITECOIN Bounces Off Trend Resistance

Litecoin has really had my attention lately. We had a nice dump yesterday which saw a break of support yesterday at $236.53, but also saw a quick recovery where support was tested to be true again. So, current tested support is still $236.53.

We've been seeing rejections along the trend line resistance. Additionally, the level from $253-256 has been a huge resistance level and LTC is struggling to maintain a close above $256.

The daily is still in a down trend pattern. We're seeing strong support and rejection at the $224-236 level, so if this breaks that will be a huge red flag (pun intended) of more bear pressure and a further selloff.

CCI is below 0 and RSI is heading lower. Due to the correlation between the markets, we assume strength and movement upward with BTC will also reflect onto LTC.

Happy trading!