Litecoin has been in strong rally the last 2 days gaining almost 300$. We can observe a healthy pullback at the moment (some investors taking profits out of the table) and the question now is where does the pullback ends and at what level we should be buying?
As we can see Litecoin tends to respect psychological round numbers (Resistance at 200$, 400$). Litecoin has tested the 300$ price level and got rejected 2 times showing strong buying pressure at that level. The 300$ support level also falls align with the Fibonacci 38.2% of the move A-B and also the Fibonacci 61.8% of the move C-B which makes the 300$ level even stronger. Although it can pullback at around the 250$ area before it continues its uptrend, i would enter the market at 300$.
As we can see Litecoin tends to respect psychological round numbers (Resistance at 200$, 400$). Litecoin has tested the 300$ price level and got rejected 2 times showing strong buying pressure at that level. The 300$ support level also falls align with the Fibonacci 38.2% of the move A-B and also the Fibonacci 61.8% of the move C-B which makes the 300$ level even stronger. Although it can pullback at around the 250$ area before it continues its uptrend, i would enter the market at 300$.