In accordance with my prediction that Bitcoin (BTCUSD) will breakout soon, I believe altcoin Litecoin will have a similar gradual breakout in coming weeks. On the one day chart above, we can see that Litecoin has been moving to form an ascending channel, and I therefore believe a strong upward movement is going to continue until it reaches $50 in a week or two.
We can expect a little potential pullback to the purple support line before a bounce up to the top resistance line. Of course, this bullish prediction only applies to the short term. In the longer term, we would have to watch for Litecoin to break above the top purple resistance or bottom support line with high volume to secure future bullish or bearish trends.
For the time being, I'm going long on Litecoin to reach $51. Let me know your thoughts and leave a like if you agree :D
Thanks for reading
We can expect a little potential pullback to the purple support line before a bounce up to the top resistance line. Of course, this bullish prediction only applies to the short term. In the longer term, we would have to watch for Litecoin to break above the top purple resistance or bottom support line with high volume to secure future bullish or bearish trends.
For the time being, I'm going long on Litecoin to reach $51. Let me know your thoughts and leave a like if you agree :D
Thanks for reading