THE BULLS ARE HERE?! Litecoin Analysis

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hi everyone,

I’m very interested in Litecoin (and you should be too) at this moment in time because, unlike the other crypto’s, it seems to have passed its bottom and finally broken the neckline of the repeating head and shoulders formation we’re seeing on all the charts. As well as breaking the neckline and passing its bottom, it’s also broken the most major trend line from the highest peak to the next highest peak.

I’ve outlined the various S&R levels that have been broken, and the resistance standing in the way now. The red line representing a very strong level of resistance ($195), seems to be currently holding the bulls back. I feel this level will break soon enough due to the sharp movement of the MACD and the momentum of the last few candles.

Let’s wait to see if we can break this level and retest above as support and then hopefully continuously climb from there. So, get prepared to buy because if the $195 level breaks and we get a good retest with a continuation candlestick pattern we’ll be enjoying some nice profits.

I'll update when I have gathered more information - stay tuned.

**Don't take trades based purely on my ideas shared with you; I'm just providing an idea for people who are after some knowledge of what could happen. You should conduct your own analysis and research to build up your own predictions**

- Reiss
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