Litecoin Price Technical Analysis For 08/01/2016– Critical Upside Break

Key Highlights

  • Litecoin price finally managed to move higher and broke a major bearish trend line on the hourly chart (data feed from Bitfinex).
  • The recent upside break looks critical, as the price managed to clear a couple of key resistance levels.
  • The most important break was above the triangle pattern on the 2-hours chart (data feed from HitBTC), which was acting as a barrier for more gains.

Litecoin price recent break was encouraging, and may lift the market sentiment to enable buyers to take it further higher in the near term.

Buy Dips?

Yesterday, there were a couple of attempts by sellers to take Litecoin price down, but they failed. As a result, buyers stepped in and took the price higher. The most important point was the fact that the price managed to climb above a few critical resistance levels. First, there was a major bearish trend line on the hourly chart via the data feed from Bitfinex, which was broken during the upside drift. Moreover, the price also closed successfully above the 100 hourly simple moving average.

Litecoin Price Technical AnalysisLitecoin Price Technical Analysis


Read more ... source: NewsBTC USA