Are you shorting Litecoin [LTC]? You could profit from these levels

LTC was in a price correction mode but in a bullish market structure Short-term LTC holders have made massive profits in the last two days Litecoin [LTC] put on a massive mid-week rally, reaching $83.6, its highest level since mid-May. At the same time, BTC regained the psychological $16K mark. However, at the time of […]

Short-term LTC holders have made massive profits in the last two days

At press time, it was trading at $75.26 and seemed determined to fall further. The next new supports could be at the 61.8% and 50% Fib retracement levels if LTC maintains the downtrend. Buybacks from these levels could allow you to lock in profits.The 78.6% Fib level was an important support zone and a bullish order block line. It was tested several times on the 4-hour chart and could be breached. At press time, the bears threatened a bloodbath just below this level.

In addition, the On Balance Volume recorded a downward trend, indicating a decrease in trading volume and buying pressure. Overall, the indicators suggest that sellers will gain ground within a few hours or a day. However, a candlestick close above the current support would invalidate the above bias. In such a case, LTC could trade sideways along the 78.6% and 100% Fib pocket levels or break through resistance.data. This means short-term LTC holders have posted record gains since Tuesday, 22 November. This period also coincides with a positive weighted sentiment.

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