Coindicator

Litecoin Could Soon Break to the Upside (Don't be Surprise)

Long
BITFINEX:LTCUSD   Litecoin / U.S. Dollar
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.
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.

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