Litecoin technical analysis: LTC/USD extended falling wedge pattern yields
|Litecoin creeps under $60 in spite of technical levels remaining relatively bullish.
Litecoin prevailing bullish bias lacks a catalyst to force a correction above $60.
Spot rate: $58.68
Relative change: +0.8164
Percentage change: 1.41%
Trend: Bullish
Volatility: Expanding
LTC/USD daily chart
The extended falling wedge pattern finally gave way for a breakout that saw Litecoin test $65 resistance level.
The short-term upward movements hindered by the 50-day Simple Moving Average (SMA).
LTC/USD 240’ chart
Litecoin has a short-term bullish bias as buyers push for correction above the $59 level support.
The Relative Strength Index (RSI) gradual slope upwards emphasizes the improving short-term bullish picture.
LTC/USD one-hour chart
The potential for recovery remains as the Moving Average Convergence Divergence (MACD) crosses into the positive territory.
Litecoin stays above the 50 SMA currently at $59.03 and the 100 SMA at $57.04.
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