Litecoin is attempting to break the 7-month old trend line
. After creating the series of lower highs and lower lows, the price created a hammer candlestick
pattern. After the price pushed below the support trend line
, it closed above the trend line
. This pattern is a bullish
pattern, made up of just one candle, signaling the end of a downtrend. The candle looks like a hammer
, as it has a long lower wick and a short body at the top of the candlestick
with little or no upper wick. The next level of resistance is the horizontal line resistance, coupled with the big psychological level of 0.0100, followed by the 100 DMA.