What in the world happened to Litecoin? Litecoin like most cryptos last night dropped significantly as we saw it break out of the wedge to the downside and test that lower support line. Instead of bouncing off the support it broke through and is still on a downward move. Since it broke through the significant support, we can call this a corrective pattern where it broke the trend line and is now on wave 2.
The cryptos have been trading extremely technical hitting major fib retracement levels so I am looking for this downward move to retest the resistance and continue its move down. The next level of support is at that $193 price level which acted as both resistance and support in the prior upward moves. If you are looking for an entry point in Litecoin, wait for the price to finish the drop and buy in at the dips.
Current Marketcap of cryptocurrencies:
#1) Bitcoin $$182,830,731,239 (Price $10,832.40)
#5) Litecoin $11,877,430,619 (Price $214.72)
#25) Steem $979,966,148 (Price $3.92)
Yesterdays Marketcap of Cryptocurrencies
#1) Bitcoin $196,671,738,600 (Price $11,654)
#5) Litecoin $13,474,893,398 (Price $243.66)
#27) Steem $1,091,637,702 (Price $4.37)