FX.co ★ Bullish setup in Litecoin

Litecoin has broken out and above the triangle pattern it was in. Price broke out 2 days ago and today price was back testing the upper triangle boundary. A bounce off the triangle upper boundary and broken resistance will be an important bullish signal.

Red rectangle - back test area

LTC/USD is making higher highs and higher lows. Price has broken above the triangle resistance at $214 and moved as high as $244. Price has pulled back and touched the break out area shown by the red rectangle. Bouncing off this area will be a bullish sign and a confirmation that this level is now support. Resistance is at $244 and as long as price is above $214, I expect price to continue higher and break above $244.