Litecoin price analysis: Short term resistance won't help long term falling wedge breakout, just not yet
|- LTC faces immediate resistance.
- Falling wedge in the long term.
Litecoin, after a decent bounce overnight faces resistance on the short term chart that acts as a strong barrier in its ongoing north bound journey and may retrace downwards, even towards the lower end of the falling wedge which is in the making on the long term charts.
LTC/USD is trading about a percent lower on day at $84.05 and in a narrow band of less than 2 percent in the weekend trading. On the hourly chart, LTC faces resistance around $86-$87 levels and may retrace from there.
On the daily chart, there's a falling wedge in the making which is a bullish pattern, but it is still early days before the breakout hapens and chances of a rise towards $100 and again a retracement from there, can't be ruled out.
LTC/USD hourly chart:
LTC/USD daily chart:
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