Litecoin has had very strong surges through historic resistances.
1) A curious pattern shows up here, these surges have been happening at a regular 7-8 day time intervals since December 11th. Every surge marked by the 'Golden Cross' in the MACD indicator (indicated with arrows)
We are at the start of a new 7 day cycle and there is a bullish penant / ascending triangle formation - A breakthrough from here will take it to the strong historic resistance area between $215-$235 - which is likely as there is also a Bullish divergence ( Rising price & Falling MACD ). A continuation of this cycle and $LTC will push through this resistance with ease.
2) But ATR on high time frames indicates high volatility, which may result in a weak breakthrough or a pull back. The weekly trend is strong - held by the yellow trend line - so a pull back will squeeze it into a range, taking time in accumulation before a move up.
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A strong pullback will make it go back into the rising channel, with the resistance at $152 serving as support.
A move to its all time high at $360 seems reachable soon unless Bitcoin changes its mind & starts a rally to $50,000 - if so, every other coin will have to bow down and step aside.
..........................................
Target update after a breakthrough to ATH
No stoploss, the rally is just starting! ;)
1) A curious pattern shows up here, these surges have been happening at a regular 7-8 day time intervals since December 11th. Every surge marked by the 'Golden Cross' in the MACD indicator (indicated with arrows)
We are at the start of a new 7 day cycle and there is a bullish penant / ascending triangle formation - A breakthrough from here will take it to the strong historic resistance area between $215-$235 - which is likely as there is also a Bullish divergence ( Rising price & Falling MACD ). A continuation of this cycle and $LTC will push through this resistance with ease.
2) But ATR on high time frames indicates high volatility, which may result in a weak breakthrough or a pull back. The weekly trend is strong - held by the yellow trend line - so a pull back will squeeze it into a range, taking time in accumulation before a move up.
...........................................
A strong pullback will make it go back into the rising channel, with the resistance at $152 serving as support.
A move to its all time high at $360 seems reachable soon unless Bitcoin changes its mind & starts a rally to $50,000 - if so, every other coin will have to bow down and step aside.
..........................................
Target update after a breakthrough to ATH
No stoploss, the rally is just starting! ;)
Comment:
LTC just crossed a strong resistance after being a sloth for most of this bull run - IT IS GOING TO FLYY!