LTC/USD Technical Analysis: Could Litecoin be setting up for a pattern breakout?
|- Triangle formation may help traders predict the future path of LTC/USD
- The next resistance will be hard to break at 84.50
- Bulls helped the pair fend off the key 70.00 psychological support
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On the 30 minute, LTC/USD chart above it seems Litecoin has come to a decision point. After successfully defending the 70.00 psychological zone on Thursday it seems what the new pennant formation could give us clues to the future path of the coin. Today despite the bullish news for Bitcoin, LTC has not managed to catch on to the general bullish vibe as LTC/USD still trades 1.50% lower. Having said this the Stochastic indicator has moved to a more positive area, although now looking slightly overbought. The MACD histogram is above the mid-line and the moving averaged look good to cross over too. Yesterday's dragonfly doji candle is also a bullish signal but there is a prominent resistance zone at 84.50.
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