Hi friends! Litecoin has done everything that we needed, to confirm a reversal. It is now in a confirmed breakout. Initial resistance will be at the bottom of the 38.2% retracement level, at $266.40. Looking at the chart, we can see the LTC has broken out of the downtrend channel, broken out above the 50 EMA, and broken out above the previous high, to make a higher high. This is what I wanted to see, before getting bullish. A break back below the previous high would be a sign of weakness, and a cause for concern. This has been your friendly market legend — MPC! Please follow, comment, like, and share on social media.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
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Update: Litecoin has rallied all the way up through the 38.2% retracement level, to a high of $270.00, before falling back toward the "previous high." It is currently testing that level, at $253.00. Ideally, the bulls want to see LTC turn higher, and confirm the "previous high" level as new support. That would be a bullish sign, for short-term trading. I will keep you posted.
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Update: After breaking out, Litecoin has attempted to define the "previous high" of $253.00 as new support, but has fallen back below it, and is now trading at $248.00. This is concerning weakness, that could be indicative of a failed breakout attempt. I will keep you posted as this develops.