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.
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.