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Litecoin saw a massive rejection in price today after the Altcoin traders attempted to push prices above the expanding channel and into the bullish territory.
In our previous Litecoin analysis Warning: Litecoin Could Crash 35% Today!, we talked about the likelihood of a spike-like this occurring soon and how to get ready for it.
What Next?
The Litecoin price has fallen back within the expanding channel and is looking very bearish at the moment. There is a very high probability that we might see the price continue to head lower in the coming days, repeating the pattern that we can see occurred 3 times in the past already!
The key level to watch is the $128 horizontal support level. We can see the price ranged in this area before breaking out to the upside. That is still holding and might be a great support region for the bulls to fight back and keep on pushing the price higher.
Bearish Price Prediction
For the bearish prediction, we want to see Litecoin break through the $128 horizontal support. A break below this price would signify that the Litecoin sell has begun and we can expect to see the Altcoin crash to the base of the expanding channel in a matter of days.
Bullish Price Prediction
For the bullish price prediction, we want to see the Litecoin price bounce from and hold the $128 support. This is the only way for the bull run to occur.
If this price bounce occurs, we can expect to see Litecoin surge even higher in the coming days.
Final Verdict
Wait for price confirmation. For the sell confirmation, Litecoin must break and begin trading below $128 horizontal support.
However, if this level holds, we can expect to see the Litecoin price find support and begin to head and higher from here.
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