LTC/USD moves sideways in the short term trying to accumulate more energy before developing a bullish reversal. The pressure remains high that's why we still have to wait for confirmation before jumping into a long position.
The price rallies at the moment of writing approaching strong and critical resistance levels. Only a valid breakout above these levels could really indicate a potential broader growth. LTC/USD could increase further if the price of Bitcoin increases.
LTC/USD Symmetrical Triangle!
Litecoin moves within a symmetrical triangle, an upside breakout could indicate more gains. The price has taken out the resistance represented by the downtrend line and now is traded at 184.61 above the weekly pivot point (173.20).
The bias remains bearish as long as it stays under the downside 50% Fibonacci line and below the triangle's resistance. A valid downside breakout from this triangle could signal a new drop towards the S1 (137.40) and down to the descending pitchfork's lower median line (LML).
Litecoin Outlook!
LTC/USD could increase in the short term after failing to reach and retest the weekly S1. Closing above 181.20 former high could signal a further growth towards the 50% Fibonacci line, around the $200 psychological level.
Jumping, closing, and stabilizing above the R1 (206.51) may announce a larger growth in the coming weeks. Its failure to retest the lower median line (LML) could announce a potential growth towards the median line (ML)
