Litecoin has rallied to a new yearly high over the weekend, with the LTCUSD pair following Bitcoin higher, and breaking above the $120.00 level. Higher time frame analysis shows that a huge bullish reversal pattern will form if the LTCUSD pair reaches the $140.00 level. To the downside, sustained weakness below the $110.00 level could cause a strong sell-off towards the $85.00 support area.
The LTCUSD pair is only bullish while trading above the $110.00 level, key resistance is found at the $130.00 and the $140.00 levels.
If the LTCUSD pair trades below the $110.00, sellers may test the $100.00 and $85.00 support levels.