LTC has been trading in the $22-$35 channels since the beginning of May. Technically, everything remains exactly the same as it was last week.
The $23 zone looks good for purchasing.
Besides the technical analysis, follow closely the crypto market in general. Should the drop increase, LTC might be likely to be knocked out of its usual channel.
If the knockout is below $22, it would be a strong signal for short positions opening. But due to the conjuncture in the current market, it might be better to play long positions.
If there is a $22 blow and a rebound, it is a signal for long positions. Following this scenario, there might be the reversal opening the target at $33.
There’s been positive news for LTC. Just a few days ago, the creator of Litecoin, Charlie Lee, announced that he was leaving his position as Coinbase technical director in order to focus on Litecoin entirely.
If you are trading this pair, make sure to subscribe to Charlie Lee’s Twitter account https://twitter.com/SatoshiLite.