Litecoin price analysis: Breakouts and breakdowns confuse the trend
|- Breaks down and then breaks out.
- Finds resistance and then falls back towards support.
LItecoin has a typical situation wherein it has broken out, broken down again, only to break out again, finds resistance in the immediate charts and then falls back down to the very trendline it has been playing a break-up, patch-up game with.
LTC/USD down less than a percent at $138.39 and trading in a narrow range of $134 and $141 through the day. On the 120-minute chart, the descending trendline has been kind of line in a sand that the price has been flirting with in the last two days. LTC, for now is firmly above this trendline and has another trendline resistance to cross.
On the 30-minute chart, there's a small resistance for Litecoin to cross past, only then the earlier breakout would bear any fruits for the bulls.
LTC/USD 120-minute chart:
LTC/USD 30-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.