Litecoin False Breakout?

Litecoin plunged in the last hours after reaching 297.00 level. The outlook is bullish, so the current decline could be only a temporary one. LTC/USD decreased as the price of Bitcoin, Ethereum, and Ripple dropped as well.

The crypto market has retreateded a little after the most recent amazing rally. Litecoin could test the immediate support levels, former resistance, before resuming its upwards journey.

LTC/USD Correction!


LTC/USD has managed to jump above the ascending channel's upside line trying to reach the $300.00 psychological. The breakout above the upside line and through the weekly R1 (277.59) indicates strong buyers and potential further growth.

The crypto has found resistance right below the third warning line (wl3) of the former descending pitchfork and now is retesting the upside line.

Consolidation above the upside line could lead to a breakout above the third warning line. Jumping could the warning line could bring a new long opportunity.

Litecoin Outlook!

A minor consolidation above the broken upside line followed by a valid breakout above the third warning line (wl3) could indicate that LTC/USD may rise higher and reach fresh highs.

Also, jumping above the 300.00 level could represent a new bullish signal.

The material has been provided by InstaForex Company -