Litecoin Price Technical Analysis for 03/12/2015 – Breakout Formation

Key Highlights

  • Litecoin price attempting to recover after declining sharply towards $3.35-30.
  • There is a contracting triangle pattern formed on the hourly chart (data feed from HitBTC), which may ignite a short-term break moving ahead.
  • The broken support area near $3.50-60 is likely to remain a major barrier for buyers if the price trades higher from the current levels.

Litecoin price current attempt to recover may face a lot of hurdles on the way, especially around the $3.50-60 resistance area.

Triangle Break in Litecoin Price?

Litecoin Price Technical Analysis Litecoin Price Technical Analysis

It looks like that Litecoin price is under a correction phase that may extend for some time. The price moved higher towards the 38.2% Fib level of the last drop from the $3.83 high to $3.47 low (data feed provided by HitBTC) where it found sellers. There were a couple of attempts to break the stated fib level, but buyers failed to break it.

Currently, there is a contracting triangle pattern formed on the hourly chart, which may act as a catalyst for the next move. If there is a break higher, then a move

Read more ... source: NewsBTC USA