LTC - is this breakout from 16 months of consolidation?

BTCE:LTCUSD   Litecoin / U.S. Dollar
377 4
LTC experienced 16 months of falling prices at btc-e. Then there was period of ups and downs with lowering magnitude. Eventually it settled between $3-$4 price range and stayed there for another 16 months.

Today it seems we have final breakout from this long consolidation. IF this is true the move can be massive.
Yesterday we had move upwards, today we observe prices going lower. Zooming in the picture and looking at 1h timeframe one can see:
- so far price retraced 50% of previous gains
- Ichimoku cloud served as support area
- LTC has entered important resistance within $6.5 - 6.6 zone. If we see candle closing above this area this will be positive sign

ryopphdi ryopphdi
still showing strength. we did not see any bigger correction apart from fall from $8 to $6 during first day after break out. this means buyers do not allow sellers to impact price move. however today's jump to $11.45 may be an indication of exhaustion as this move was fueled by short positions being closed.

What's your personal target?
ryopphdi bysteven
@bysteven, Looking at fibo ratios it should be way higher than now. I'm not exactly sure what was the highest price LTC reached. Either tradingview does not have all the data or btc-e started listing LTC shortly after price peek.
Anyway I've got $16 level as 38% retracement

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