Litecoin price analysis: Long term – Falling wedge breakout; Short term – barrier

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  • Long term breakout appears, confirmations pending.
  • Short term provides resistance.

Litecoin bulls have a typical task in hand – to take momentum in their hands from the long term falling wedge breakout and cross past the short term resistance staring on their faces – not easy when the rally looks a bit tiresome already.

LTC/USD is up 2 percent on day at $61.85, just around the high of the day and exactly around the resistance descending trendline on the 480-minute chart which would require a lot of push and momentum to cross, just as the RSI nears oversold zone.

This is occuring even as prices have given a falling wedge breakout on the daily chart just two days ago, but still needs some more confirmation – needs to cross past the resistance of $68-70 zone.

LTC/USD daily chart:

LTC/USD 480-minute chart:

 

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