Looking at the global LTC chart we can easily find the global support level. Unfortunately, Litecoin is located very close to this level and ready to break one, moreover, the price is now in the distribution phase right inside this level.
As you might understand, this level is very strong, because it has rejected the price three times. Therefore, in case it will be broken, the overall bullish trend will be changed to the bearish .
Why do I think that this support will be broken? Bears tried to break it for 2 times before and usually it is needed only 3 times to break through the support. Moreover, all people who hold LONG position placed their stop losses before this level because of which it is a very juicy place to visit.
As the result, overall setup is bearish.
As you might understand, this level is very strong, because it has rejected the price three times. Therefore, in case it will be broken, the overall bullish trend will be changed to the bearish .
Why do I think that this support will be broken? Bears tried to break it for 2 times before and usually it is needed only 3 times to break through the support. Moreover, all people who hold LONG position placed their stop losses before this level because of which it is a very juicy place to visit.
As the result, overall setup is bearish.
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