Litecoin Could Soon Break to the Upside (Don't be Surprise)
Litecoin has recently just broken through a huge long-term triangle pattern. In the shorter term, there's also a developing cup and handle formation setting up for a potentially bullish play both short-term and long-term frames. What makes me excited is that Litecoin has on a relative basis underperform Bitcoin for quite some time but that could soon change if we can get a bit more bullish continuation.
Litecoin is currently sitting very near its last major resistance level, the Daily 200-MA. If it can break through that level and close above the $62 on the daily, the probability of a significant break to the upside would be greatly increased. A break to the upside would mean for me that Litecoin will likely play catch up and outperform Bitcoin in the near future.
Currently also favoring a break to the upside though we might see a slight pullback in the next 24hrs for some RSI levels to cool off. The best way to play this, in my opinion, is to get in a partial position and add to it if there is a pullback. I do however expect the pullback to be relatively small given the vast number of support levels close by; so it would also make sense to me if you simply wanted to just enter a full position at these levels either.
Litecoin is currently sitting very near its last major resistance level, the Daily 200-MA. If it can break through that level and close above the $62 on the daily, the probability of a significant break to the upside would be greatly increased. A break to the upside would mean for me that Litecoin will likely play catch up and outperform Bitcoin in the near future.
Currently also favoring a break to the upside though we might see a slight pullback in the next 24hrs for some RSI levels to cool off. The best way to play this, in my opinion, is to get in a partial position and add to it if there is a pullback. I do however expect the pullback to be relatively small given the vast number of support levels close by; so it would also make sense to me if you simply wanted to just enter a full position at these levels either.
Trade closed: target reached:
Target reached. This will probably run for another few bucks but better opportunity to rotate into BTC or ETH right now!
Might happen within the hour.
Might happen within the hour.