Key Points:
- The Litecoin (LTC) price is attempting to break out from a crucial resistance area, making it likely that a breakout will occur.
- The wave count and RSI reading both suggest a bullish outlook, increasing the likelihood of a successful breakout.
- The LTC price has been trading within an ascending triangle pattern, which is considered a bullish pattern.
- There have been multiple attempts to break out from the $100 resistance area, weakening it each time and making a breakout more likely.
- The weekly RSI is leaning bullish and has generated a hidden bullish divergence, indicating a continuation of the bullish trend.
- The wave count suggests that the LTC price is in wave three of a five-wave increase, which is usually the largest and sharpest wave.
- If the wave count is correct, the LTC price will soon break out and head towards the next resistance level at $130.
- Falling below the wave two low of $71 will invalidate the bullish forecast and could lead to a decrease to $50.
Hot Take:
The Litecoin (LTC) price is showing strong signs of a potential breakout, with bullish indicators and a favorable wave count. If the price can successfully break out from the crucial resistance area, it has the potential to reach new highs, possibly even reaching $130. However, it’s important to keep an eye on the wave two low of $71, as a drop below that level could invalidate the bullish forecast and lead to a bearish trend. Overall, the outlook for LTC appears positive, but caution is advised until the breakout is confirmed.
Continue reading on Beincrypto.com
By
By
By
By
By