Litecoin Setting Up For Bullish Momentum!

Litecoin rallied in the last hours and now it stands at 195.22 higher versus 182.32 today's low. Bitcoin's rally helped LTC/USD to increase as well. As you already know, when the price of bitcoin grows the major altcoins may increase as well.

LTC/USD is bullish as the price stands above the uptrend line. The crypto decreased a little within a minor down channel but now it seems determined to register an upside breakout validating more gains.


LTC/USD UPSIDE BREAKOUT!

LTC/USD found support right on the S1 (183,63) level failing to reach and retest the black uptrend line. Now it has passed above the descending pitchfork's upper median line. Validating this breakout confirms more gains in the upcoming period.

Jumping above the $200.00 psychological level and beyond the Pivot Point (203.10) level may represent a long signal. Still, the rate could decline again trying to test and retest the broken upper median line (uml) before jumping higher.


LTC/USD FORECAST!

Testing and retesting the upper median line (uml) could bring a first upside signal. Also, jumping and closing above the Pivot Point (203.10) is seen as a bullish signal as well.

LTC/USD could provide another bullish opportunity if the price decline and registers a false breakdown with great separation below the uptrend line. The bullish scenario, bias, could be invalidated by a

Getting out from the descending pitchfork's body and stabilizing above the upper median line (uml) after its failure to approach the median line (ml) may signal a bullish momentum at least until 230.00 former high.



Name: 110.png Views: 6 Size: 15.5 KB
Ralph Shedler
Analytical expert
InstaForex Group © 2007-2021