fiatdaemon

LTC | Poised for Continued Breakout or a Breakdown?

KRAKEN:LTCUSD   Litecoin / U.S. Dollar
LTC's chart has always struck me as BTC's shadow chart because they usually look very similar and this makes sense seeing as LTC has the strongest correlation with BTC

LTC is showing a Symmetrical Triangle -- a Wedge -- moving mostly sideways right along side BTC

Upper Resistance area has been around ~$180 while the lower Support area is between ~$120 and ~$130 with a strong ~$132 Support line

LTC seems to be testing it's Support area which has held up fairly well and we could see a breakout if support holds

Interestingly, LTC seems to be forming another Ascending Triangle in the long term outside of the wedge as well

If LTC breaks down, we could retest the lower region looking to the longer term Ascending Triangle for support where ~$130 region would flip to resistance

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter