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Litecoin (LTC/USD) Uncoils with a Bullish Breakout to $300

Litecoin (LTC/USD) has been quiet since its creator, Charlie Lee sold all of his LTCs, explaining that there was too much a conflict of interest. Whether you believe his intentions or not, it doesn't matter. What matters is that price held pretty steady and did not collapse, as it "coiled" after retreating from the all time high around around $420 on Coinbase (ATH was $375 on Bitstamp). In both exchanges, price broke a coiling pattern to the upside, suggesting bullish continuation.

LTC/USD 4H Chart

  • The 4H chart shows a market that had tremendous volatility in December, with price surging from just under 100 to over 400 in a little over a week.
  • The volatility soon subsided, and the support and resistance levels connected to show a triangle. 
  • Price broke this triangle resistance during the 1/5 session, and is stalling during the 1/6 session.
  • If price retreats, I think the 255-260 area should provide support if LTC/USD is indeed in a bullish attempt.
  • A bullish attempt should have upside to 400-420. I think for now, we should expect resistance in this area, but if price starts to hold above 300, another visit towards 400-420 might break this All-Time-High resistance. 

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