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We have been following the Litecoin charts for a while now, warning our readers of the potential 30% drop in price and how to take advantage of it way before it ever happened. Warning: Litecoin Could Crash 35% Today!
That bearish prediction has been playing out perfectly with the Altcoin price dumping more than 23% this week alone.
But this price dump is only half the way to our bearish target. We still have a long way to go to get to the base of the expanding channel. And right now, Litecoin is showing signs that it might just be ready to continue the sell-off!
The $338 Resistance
In our previous analysis on Litecoin, we talked extensively about the $338 key level and how it was important for the Litecoin bears to hold it. This same Pattern Playing Out On Litecoin and ChainLink! Buy Now?
Well, that level held perfectly! With the Litecoin price testing and failing to break through it. This price failure was followed by a massive dump in the price, we can take advantage of this move to the downside!
Bearish Prediction
Litecoin has a very high probability of dumping 33% in the coming days. This price dump will push the Litecoin price down to the $223 region in the coming days.
The key levels to watch for is the $296 lows. A break below this lows would signify that Litecoin is ready to continue heading down in the coming days.
The best region to place your stops would be above the $338 key resistance level. A break above this resistance level would signify that the short term bearish move on Litecoin might just be over.
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Get More Trading Ideas
For more trading ideas watch out this Youtube video where we dive into the technical analysis of Bitcoin and how to take advantage of the potential sell-off soon!
Road To Trading Profitability
Speed up your learning process by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
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