Hello all. Looking at Litecoin on the daily timeframe , we see that litecoin is currently below the 200 day EMA ( bearish sign), and also broke below the long (green) ascending line.

The daily stochastic RSI is also bearish as it is in the overbought territory showing a reading above 80 (on a 0 to 100 scale).

However, Litecoin is inside a falling wedge pattern which is a bullish pattern . This pattern has a measured price target of about 73% upwards movement, approximately $240 price target.

This level also corresponds with the Fibonacci golden pocket again sitting at around $240.

I believe that Litecoin can go as low as $105 (support line of the falling wedge ), and if it finds support, i would look for a buying opportunity.

If Litecoin breaks through this support then I believe that the next support level for Litecoin will be around $76, (161.8 fib level).

Thanks for reading, and stay tuned. Enjoy.