Litecoin has spent the last six months by constantly declining, without any major retracement or attempt to break the downtrend. The coin has created a series of lower highs and lower lows which translated into a down-slipping trend line which puts additional pressure on the coin. Moreover, the coin is trading below both the 100 and 200 MA on the daily chart . However, given that we are extremely oversold on the RSI daily chart , we expect a bounce soon since nothing really happens in the vertical line. To this end, we believe that a major confluence zone - 61.8% support and horizontal support - will provide huge support to Litecoin. Moreover, Litecoin will get more support in the mentioned zone since it is around the big psychological level - 0.01000. On the other side, a potential bounce should launch the coin, at least, to test a trend line resistance which currently comes around 0.011400.
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