FX.co ★ Litecoin imminent upside breakout

Litecoin moved sideways lately but it seems poised to escape from the current extended sideways movement. It's trading at 164.35, below 166.90 static resistance. LTC/USD registered a 7.86% growth today.

In the short term, the price of Litecoin is strongly bullish. Still, we need strong confirmation that LTC/USD may develop a larger upwards movement. From the technical point of view, the price action signaled that the downside movement is over and that the buyers could take the lead.

LTC/USD Strong Rally!

LTC/USD escaped from the down channel pattern, it has failed to retest the downtrend line or the 141.65 signaling strong buyers. A valid upside breakout from the current range, above the 166.90 could signal potential further growth.

You already know from my previous analyses that, LTC/USD could turn to the upside if it stays above the 140.00 psychological level.

LTC/USD Outlook!

A valid breakout above the weekly R2 (170.46) could activate an upside continuation and could bring new long opportunities.