- Long term breakout appears, confirmations pending.
- Short term provides resistance.
Litecoin bulls have a typical task in hand – to take momentum in their hands from the long term falling wedge breakout and cross past the short term resistance staring on their faces – not easy when the rally looks a bit tiresome already.
LTC/USD is up 2 percent on day at $61.85, just around the high of the day and exactly around the resistance descending trendline on the 480-minute chart which would require a lot of push and momentum to cross, just as the RSI nears oversold zone.
This is occuring even as prices have given a falling wedge breakout on the daily chart just two days ago, but still needs some more confirmation – needs to cross past the resistance of $68-70 zone.
LTC/USD daily chart:
LTC/USD 480-minute chart: