Since the 22nd of September 2020, Litecoin have been trading in an ascending channel, that have started around 42$, actual market price is 73.68$, with recent break out of the ascending parallel channel, surpassing previous resistance formed around 67$ on daily candle chart. In this article we are going to discuss the latest breakout of Litecoin, and possible new targets on longterm.
Yesterday, Litecoin brokeout of the channel, with approximately 19% gains, eyeing to reach new resistance levels of 80.55$, Litecoin is currently trading above 200 EMA, forming a clear bullish pattern, confirmed using MACD indicator on daily time frame. And considering that the previous resistance level must act as a support right now- unless the trend reverses-. A long trade must be placed between 68-72$, placing a strict stoploss, based on the ATR indicator. Also the Heikin Ashi candles show an extremely bullish trend.
Next targets for Litecoin are 80.55$, 106$, 138$ as longterm targets.
In the link below you can check our chart using Heiken Ashi Candles. In the thumbnail picture of this article you will be able to see the normal candles. Litecoin must stay above 67$ support level to continue the bullish trend.
Please remember that in this blog we discuss technical analysis, this is not a financial advice, we advice you to do your own research and trade wisely.
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Thanks for your attention,
Crypto Army
