Litecoin has staged a major breakout on the daily time frame, with the LTC/USD pair breaking above long-term trendline resistance.
Litecoin price analysis shows that a technical breakout on the daily time frame remains valid while price trades above the $43.00 level.
Litecoin medium-term price trend
Litecoin has staged a major technical breakout on the daily time frame, following weeks of sideways trading action.
Litecoin technical analysis shows that the LTC/USD pair could test towards the $51.00 now that trendline resistance is overcome.
The daily time frame shows that the LTC/USD pair may test towards the current 2020 trading high, around the $51.00 level, now that a breakout from a triangle pattern has taken place.
Daily price closes over the coming days will be crucial to determine if the breakout is genuine.
According to the size of the pattern, the LTC/USD pair could rally towards the $60.00 level, at a minimum.
In case a false breakout takes place, then the LTC/USD pair could fall back towards the bottom of the triangle, around the $26.00 level.
Litecoin short-term price trend
Litecoin technical analysis shows that the cryptocurrency has a bullish short-term bias while the price trades above the $42.85 level.
The lower time frames continue to show that a bearish head-and-shoulders pattern is present, despite the increasingly bullish short-term bias.
LTC/USD bulls need to move the price above the $50.80 resistance level to invalidate the bearish pattern.
Traders should note that the cryptocurrency could rally towards the $60.00 level, if the pattern is invalidated.
If the LTC/USD pair weakens below the $42.80 level, the sellers may push the price back towards the neckline of the pattern, around the $39.00 level.
Litecoin technical summary
Litecoin technical analysis shows that a bullish trendline breakout has taken place on the daily time frame. LTC/USD buyers may start to test towards the current 2020 trading high.
Trade Litecoin to US Dollar – LTC/USD CFD
Ready to get started?