Llitecoin v's Bitcoin has bounced fairly hard over the past few days taking price back above the 0.011 level on a blue SCMR reversal signal that is now being followed up by a CR UP confirmation, which is good news for the bulls moving forward, as are the oversold momentum oscillators and the encouraging volume indications. That said, the EMA's are starting to act as resistance, the 50 and 100 SMA's continue to move lower, dynamic resistance is still building overhead, and the Ichimoku Cloud is beginning to grow more bearish out in front of the market, so while there could easily be more short-term upside to the 0.013 region we also think it will be short-lived as the new lows will need to be retested again soon.
Short term Members ProTrade - No trade idea right now
Medium term Members ProTrade - No trade idea right now
Long term Members ProTrade - We will consider a small LONG position on a continuation down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.0xx.
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