Litecoin: Has legs on the upside, with caveats
|- Med-term chart of the coin well placed for further rally.
- Holding on to the parallel channel is key.
Litecoin the crypto has found itself placed very well in terms of technical chart pattern on the medium term chart that suits the bulls well. Caveat? Recent lows should hold which is a lower end of the upward rising parallel channel.
LTC/USD down just about a percent on day at $61.168 after bouncing from day's low of $60.752 in a lower volume weekend trading. On the four-hour chart of this coin, it is trading in a higher high higher low upward sloping parallel channel which is bullish for the prices, as long as prices remain in this channel.
Immediate support stands at $59 which is lower end of the channel while upper end of the channel is placed at $70, but before it tries hitting that, $63.10 is a must to cross past - earlier high of the channel.
LTC/USD 240-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.