Hey friends, hope you are well, and welcome to the new update on Litecoin.
Rejected by resistance:
The price action of LTC is rejected by $170 resistance and moving between $140 to $170 support and resistance levels.
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Broke out the channel:
The price action broke out the resistance of the channel on the daily chart, but formed a head and shoulder and broke down the neckline. Then it re-entered in the channel but now finally it has again broken out the resistance of the channel and crossed simple moving averages with the time period of 25, 50, 100 and, 200.
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Formation of the new up channel:
On the daily chart, the price action of has formed a new up channel and having good support of 25 simple moving average as well.
Big Shark move in the Bitcoin market:
On the long-term weekly chart, the price action of Litecoin has formed a big shark and just spiked in the potential reversal zone. It may give us another chance to catch it from the potential reversal zone area.
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Conclusion:
We can assume if the price action of Litecoin is going to move up against Bitcoin, then how much bullish it can be in the near future in the USD market.
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