matthewmorganjoh
Long

Quick Thoughts on Potential LTC Breakout

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Here we see LTC breaking out of its uptrend channel and having a healthy pullback. Now we wait and see if LTC can break its previous resistance - confirming a breakout!

Notes:

We did break out of the channel. However, we did not enter a downtrend on the 1 hour chart. There was still clear support on the 55 EMA . On the one hour chart, the RSI was incredibly overbought. It was expected to have some sort of correction with numbers like that. However - we can see that we bounced off the 38 RSI - keeping us in Bullish territory. This is great news!

Definitely keep an eye on LTC for potential breakouts. Watch out for volume , RSI Support/Resistance , and of course the price!

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