Finally priceline is moving up from the support of channel:
The priceline of Litecoin has also formed in after the mid of March 2020. And since 26th of June the priceline was moving at the support. Now finally the price action has started upward move and likely to make another attempt for the break out.
If we switch to the long-term weekly chart then LTC coin is also moving in a . After taking bounce from the support on 9th of March 2020 the price action is moving at the centre of this triangle. After placing the on the complete price action moving within we can get the reason why the price action is moving at this level. And it can be clearly observed that the point of control of the is at this level. Therefore the priceline is moving around this point of control. However, if we watch the trader’s interest as per then it is at $85. Therefore it will be easy for the priceline to move up to this level. And in order to reach at this level the price action will need to breakout the resistance of this triangle.
As the price action has already bounced from the support of the and also has taken from the potential reversal zone of . Therefore we can expect that the priceline of Litecoin can make further upward move to reach at least up to the resistance of the triangle. However, we should set our stop loss point at the support of an that is formed on the . Because if it will be broken down then priceline can start a downward rally.