In the last few days LTC finds good support from $175 level, it seems that traders are not willing to push the price any lower. LTC is now trading inside a downtrend channel, any breakout of the channel will be considered as buy set-up opportunity.
On the way up the first resistance level will be $200 which is 23.6 percent Fibonacci retracement levels of the recent fall from $420 to $135, which also coincide with the upper resistance line of the channel.
We recommend open long position only on a breakout of the channel.
Conversely, if it can't go through the upper resistance line of the channel, it may sink to $135.
Stellar is trading in a range-bound since five days. It's stuck between 38.2 and 50 percent Fibonacci retracements. The support of the range is $0.55, whereas, the resistance will be at $0.64. Stellar sustained above the trendline. We believe that the trendline will hold the price. So, we recommend initiating long positions on any dips to the trendline which may coincide with the support of the range. If the trendline holds, the first target will be $0.73 thereafter $0.84. On the other hand, any break down of the trendline will take Stellar to 50-day SMA or even to $0.30 level.
