If you’re one of our followers, you probably know that we have been calling for Litecoin to reach the $165 level since February 23rd. You can read the post we made about this here. Well that level finally hit yesterday and we have now seen a nice bounce from it. at the time of writing this article, price is currently trading around the $187 level and we could see a potential high form around $190. This would set things up for a pull back to around the $170 area and then we would go back up from there. However, if $190 were to break this market could just skyrocket from there.
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When we were calling LTC bearish, we mentioned resistance at $215 and now that we have seen a bounce from support level we want to see the $215 mark give way to allow for longer term bullish prices. As you can see from the chart below, the key levels we are currently looking at are $165 and $170 for support and $190 and $215 for resistance.
This could end up being the start of another major bull run which would also be reflected on some of the other major cryptos. I know a lot of people were calling for a breakout last week, however we were the only ones calling for lower prices while everybody else was bullish. Now that our support levels have been hit we can start looking or clues that another major bull run is underway.
As things stand, we are short term bullish on Litecoin and will be looking for high prices from now on. Keeping in mind that any break below $165 and we will have to readjust our bias.
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Original Article: https://beyondthehodl.com/litecoin-bounces-off-our-165-level-is-ltc-now-bullish/