According to some news sources, the South Korean Justice Department have plans to shut down all crypto exchanges. That will probably not go through but it definately rocked the Litecoin price which fell 10%. Here is the daily chart:
Comment: We lost it today, so to speak, we fell below the bollinger band median and also the supporting trendline. In addition to that, volume picked up a little as well. All negative news.
But we did bounce off from 210 where we have the 50 day moving average so if we try to look at this in a bullish way, we could potentially turn up tomorrow. However, we should be prepared for another retest of 210 or down to 200 perhaps.
If we are looking at prices to the upside, we need to close above 265 so that could be quite a struggle to get up there.
I dont think this is a trade setup, but it is for sure a good time to accumulate more Litecoin for the long term.
Happy investing!