In the last few days LTC finds good support from $175 level, it seems that traders are not willing to push the price any lower. LTC is now trading inside a downtrend channel, any breakout of the channel will be considered as buy set-up opportunity.
On the way up the first resistance level will be $200 which is 23.6 percent Fibonacci retracement levels of the recent fall from $420 to $135, which also coincide with the upper resistance line of the channel. We recommend open long position only on a breakout of the channel.
Conversely, if it can't go through the upper resistance line of the channel, it may sink to $135.
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