Litecoin price analysis: LTC/USD bulls eyeing upside breakout, but 61.8% Fibo is a hurdle; Litecoin Core 0.16.0 release packs new features

• The new software upgrade has some amazing new features, several fixes for bugs along with performance enhancement.
• There are two breakouts on the chart, $122 on the upside and $117 to the downside.

Litecoin price is approaching a breakout but the upside has been limited within the confines of a contracting triangle; which also happens to mean that a breakout is in the background. It is trading at $120 and while the 50 SMA is offering immediate support at $119.

In the meantime, Litecoin team has announced the release of Litecoin Core 0.16.0. The new software upgrade has some amazing new features, several fixes for bugs along with performance enhancement. Litecoin Core 0.16.0 has been recommended for all the users. Moreover, it includes support for segwit that has been integrated into the user interfaces as well as the wallet.

Technically, Litecoin price recently approached the breakout at $122 but resistance limited the upside movement at $121.5. LTC/USD reacted with lower corrections that found a support at $117.5 -$ 115.0. Currently, the forming short-term contracting triangle pattern is supported at $117.5. Further up, the crypto must overcome the resistance at the 61.8% Fib retracement level with last high leg at$139.76 and a low of $110.5 before attacking the breakout at $122 – A move that could open the gate for further gains towards the key resistance zone at $125. On the flip side, if there is a break below the support at $117.5, it could also test the support at $115. Moreover, LTC/USD must keep above $115 to prevent further declines towards $110. There are two breakouts on the chart, $122 on the upside and $117 to the downside.

LTC/USD 1-hour chart