Litecoin LTCUSDT - potential breakout soon
Hello,
Litecoin is looking interesting as it continues to trade in a symmetrical triangle figure without being able to break in either direction, still it is rarely registering big losses %-wise compared to the rest of the majors. The price is now hovering around the March correction low of $170 and the POC line (Point of control) and is ready to reach the break point
A potential break out of the triangle in an upward direction can result in a upside reversal as the price can clear the 21-period EMA in combination with the horizontal resistance and the 23.60% Fibonacci level at $190. Then no resistance up to $230.
So, what we can expect here is a retrace to $160 - lower boundary of the triangle and current local support, then reversal with the above-mentioned parameters.
Regards
Litecoin is looking interesting as it continues to trade in a symmetrical triangle figure without being able to break in either direction, still it is rarely registering big losses %-wise compared to the rest of the majors. The price is now hovering around the March correction low of $170 and the POC line (Point of control) and is ready to reach the break point
A potential break out of the triangle in an upward direction can result in a upside reversal as the price can clear the 21-period EMA in combination with the horizontal resistance and the 23.60% Fibonacci level at $190. Then no resistance up to $230.
So, what we can expect here is a retrace to $160 - lower boundary of the triangle and current local support, then reversal with the above-mentioned parameters.
Regards