Litecoin breaks above long term trend line, will it reach $178?
Looking at this weekly log chart we can see LTC has broken above the downward red trend line. LTC has also broken above the smaller lime green trend line shown where the lime green up arrow is.
LTC has also moved above all the weekly EMA and MA indicators shown on the chart.
On the RSI we can see where the red down arrow is that LTC will need to break above this yellow trend line to confirm the move upwards to the 0.618 fib retracement indicator shown at $99.61 on the actual chart.
If LTC breaks the 0.618 fib level it should move up to the 1.272 fib level similar to BTC and ETH. This should put LTC at a price of around $178 if it breaks these levels mentioned. Just bear in mind this same resistance level of the 0.618 fib level at around $100 is quite strong shown by the light blue horizontal line.
On the LMACD we can see LTC has been building up nicely shown by the lime green line and is now trading above the 0 level on the LMACD.
On the below weekly chart you can see LTC will also need to break above the Gaussian Channel and the Ichimoku Cloud on it's way to the levels mentioned above.
If LTC can close the weekly chart above these trend lines it just broke above, the above scenario should come into play. If LTC gets rejected at these trend lines, we could see LTC drop back down to the pink horizontal line of major support at $41.65
Overall the charts look highly bullish.
Happy trading legends!
HTBB
Donations via TradingView coins will enable me to post more of my analysis with more information. Thanks in advance if you are a legend who donates.
LTC has also moved above all the weekly EMA and MA indicators shown on the chart.
On the RSI we can see where the red down arrow is that LTC will need to break above this yellow trend line to confirm the move upwards to the 0.618 fib retracement indicator shown at $99.61 on the actual chart.
If LTC breaks the 0.618 fib level it should move up to the 1.272 fib level similar to BTC and ETH. This should put LTC at a price of around $178 if it breaks these levels mentioned. Just bear in mind this same resistance level of the 0.618 fib level at around $100 is quite strong shown by the light blue horizontal line.
On the LMACD we can see LTC has been building up nicely shown by the lime green line and is now trading above the 0 level on the LMACD.
On the below weekly chart you can see LTC will also need to break above the Gaussian Channel and the Ichimoku Cloud on it's way to the levels mentioned above.
If LTC can close the weekly chart above these trend lines it just broke above, the above scenario should come into play. If LTC gets rejected at these trend lines, we could see LTC drop back down to the pink horizontal line of major support at $41.65
Overall the charts look highly bullish.
Happy trading legends!
HTBB
Donations via TradingView coins will enable me to post more of my analysis with more information. Thanks in advance if you are a legend who donates.
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