- 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
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.
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.
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.
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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