Litecoin (LTC) Price Analysis: Bullish Signal After Positive Breakout From the Symmetrical Triangle Pattern

  • Litecoin breaks the symmetrical triangle pattern over the weekly time frame currently facing the resistance of $125.00
  • The pair of LTC/BTC is trading with an intraday loss of -8.93% standing at 0.00443752 BTC
Source:tradingview

The weekly chart of litecoin (LTC) gives a positive breakout from the symmetrical triangle pattern. After clearing a major resistance of $95.00, bullish momentum is expected till the levels of $125.00, which can be considered as the resistance on the higher levels and if the resistance breaks then the strong resistance is placed at $145.00. However, the overall trend is still bullish as the targets on the higher side can be seen at $144, $189 and $219. The support on the lower levels are at $95.00, and $72.00 can be considered as the strong support, while on the higher side resistance is placed at $125.00 and $145.00. 

Source:tradingview

This can be considered the possible scenarios for the next few weeks. Currently, it is facing strong resistance from the level of $125. At these current levels, consolidation can be considered by respecting the support levels and resistance. Currently, it is trading above all the moving averages of 9, 21 and 50-Days can be considered as the positive for the coming trading sessions.

Source:tradingview
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Litecoin over the weekly chart the Relative Strength Index (RSI) which indicates the strength of LTC is trading at. However, slips from the overbought zone after a sharp upside indicates little profit booking at the higher levels. A positive rally is observed if the support line does not break. 

Source:tradingview

The long term trend of Litecoin is still bullish, and the targets for the long term can be considered $242 once it reaches the resistance of $144. 

Support levels: $95.00 and $72.00

Resistance levels: $125.00 and $145.00. 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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