Litecoin went above the ascending shor-term trend line

Litecoin went above the ascending shor- term trend line during the late American-Asian session but failed to develop its progress. LTC price almost reached the resistance area at 153 level but then we have seen a Shooting Star reverse candlestick pattern. Litecoin returned to 146 support area where it fluctuated until the moment of writing this review.

Litecoin price is above the Ichimoku cloud meaning bulls have initiative currently. There is no candlestick pattern at the moment.

Possible scenarios for LTC/USD are the following:

1. LTC price will target the resistance area at 153 and reach it. Then, LTC/USD will test it and further progress will depend on the results of those actions.

2. Litecoin will jump off the resistance area at 146 (where it fluctuates currently) and fall towards the support area at 138. However, there is the Ichimoku cloud on the way, which may prevent bears from pushing LTC/USD lower.

3. LTC price remains close to the current levels or move slowly around the local ascending trend line.

As for the daily chart, the situation is the same as yesterday. Litecoin price remains within the Ichimoku cloud. But it jumped off the lower side of the formation meaning there are chances for bulls to drive it towards the upper border of the Ichimoku could at least.

Check the full crypto analysis HERE