Litecoin: Is a Breakout Imminent?

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Earlier this year, Litecoin (LTC) was by far, one of the best performers in the crypto space. It yielded +400% returns in the first half of 2019, out performing bitcoin and the market as a whole. Starting in early July, things took a turn for the worse and LTC lost over half its value settling in the $58 range.
Looking at the long term trend of LTC, we can see that volatility is a normal thing. This is mostly due to the highly speculative price of this digital asset. After looking at the long term pattern LTC is forming, its starting to take the shape of a bullish flag , although its still to early to know for sure. LTC is sitting on some solid support with the RSI showing bullish divergence , so keep an eye out for a reversal.
As you can see in this chart, which reflects LTC’s price cycle since 2013, the previous all-time-highs are being used as pivot points for further advancement to the upside.
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