After a long gruelling drop in cryptocurrency prices across the board, it looks as though some of the majors are setting up to rally.
The key level (where the move to the all-time high started from) is $92.67, but it seems as though LTCUSD has found some footing here, after failing to lose the support that was gained to give the move up in December.
As we take a look at the smaller time frame (2H), LTCUSD seems to have formed a base, or a double bottom a little above the $100 level. Giving us confidence that it may be time to start building a long position.
Between $100 – $200, there are many smaller levels that Litecoin will have to chop through, but for the daily/weekly rally to hold, LTCUSD must gain and hold the $200 level to regain its bullish momentum.
Although technically starting to buy seems like a good idea here, there is still the possibility of seeing a new low to finish the move down.