FX.co ★ Litecoin consolidates ahead of breakout

Litecoin continues to move sideways in the short term trying to accumulate more energy before jumping higher. Technically, the price action signaled that the downside movement could be over. Still, an upside reversal is far from being confirmed, that's why we have to wait for a strong buying opportunity.

LTC/USD is trading at the 115.17 level at the time of writing. In the last 24 hours, the crypto is up by 5.56% and by 7.59% in the last 7 days. In the short term, it could extend its sideways movement before deciding direction.

LTC/USD Attracts More Buyers!

LTC/USD is almost to hit 116.67 former high and the weekly R1. Also, the black downtrend line is seen as an upside obstacle. The price action developed a major Falling Wedge pattern.

The crypto could develop a new leg higher, a bullish reversal only if it makes a valid breakout above the downtrend line. Personally, I've drawn an ascending pitchfork hoping that I'll catch a new long opportunity.

LTC/USD Outlook!

Litecoin found strong demand and now it tries to approach and reach the immediate upside obstacles. The rate confirmed the ascending pitchfork, so a valid breakout above 116.67 could announce an imminent breakout through the downtrend line.

A valid breakout above the downtrend line, through the Falling Wedge's resistance, could bring new long opportunities.