Litecoin flipped the $79 and is on its way to the next major resistance at $139. Currently, LTC is trading in an order block which may be the last resistance before the 139 dollar is reached. So today we're going to take a look at several timeframes for you and outline the possibilities.
The scenario we outlined in the last analysis. There has been a beautiful retrace in the golden pocket and the top blue trend line has managed to hold its own. Together with the order block it currently forms an ascending triangle.
At this moment the day still seems undecided. Are we going to break the order block or will we get a nice buying moment around the monthly open. Let's zoom in further for more details.
On the 4h we see a nice rise towards the orderblock. We can't speak of a retrace on this timeframe, but it might have been on the lower timeframe. We will also take a look at this in a moment. This chart looks quite promising.
The ema's move wider apart, the rsi bounced on the 70 line (in bullish area) and pulls the ema up with it. On the macd we see the bullish momentum also increasing.
And here we indeed see a nice retrace of the last wave up. We also see a small bear div and this timeframe looks pretty good as well. To further ascend the rsi should cross the 70 line and ema. The bear div will be ended immediately and the lbr will most likely follow. At the moment the lbr is romping with the middle line and the ema is still pushing it down.
Conclusion:
Longterm is LTC bullish that is clear. Although we also saw a nice retrace on the low timeframe for a further move up I honestly expect a drop towards the weekly open around 82 - 85 dollars. Major support we find on the 79 dollar, as long as it holds up the odds are highest to go to the 139 dollar.
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