As you can see in the second photo, LTC has been holding this trendline as support for almost a decade, as far back as 2017. LTC still has a few weeks left to fall but once in comes down in between these 2 major weekly trendlines I have drawn, I think that's as far down as it will go, and we should see a major bounce.
Note
LTC is falling along with the rest of the crypto market right now. The long term support is fairly close now but the rest of the crypto market including BTC and ETH, have much further to fall than LTC does, in order to reach support. Given this, I would not close my shorts once it comes down into the support area just yet, I would wait to see if we get a weekly close below my support area as it may not hold if the rest of the crypto market continues to fall.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.