Litecoin Looking to V-Bottom

After a nasty drop that took price through the 108 support litecoin found support and has rallied hard from $77.

Big V or Little V?

Looking at the daily chart you can see price has already begun a V bottom and came right to the last little consolidation point during the sell off right around 105.

Intraday price has seen a little fight at that price so the question is will price stall here and just give us a little V bottom recovery or are we set to see a push all the way back into the 120’s.

That would be a full V bottom recovery and is very plausible.   I do like that after price rallied hard we got a little sideways consolidation for a day and a half before this current candle pushed higher again.

Upside/Downside

On the upside…breaching 105 to broach the old 108 level is a start.   After that I think there is a possible clear run to 120.

As for the downside, well really price needs to hold 95 in order for the price action to remain bullish in regard to this move.

I did add some long at 99 last night with a stop loss just below 95.   If price struggles to pass 108 in the coming days I’ll consider taking profits otherwise I want to see 120 for a full V bottom recovery.

About the author: TIMM Trader
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