LTC/USD - Little brother of BTC makes an entrance! $400 soon!
Litecoin has been consolidating since May, and the price started to increase slowly from July. However, in the past two days, LTC had a major breakthrough and started to increase. It surged by around 20% in 24 hours. It also set a 6-month high.
Litecoin also broke above the $236 resistance and turned it into support. The next major resistance can be measured at around $370, which would definitely take sustained momentum from the bulls to get there.
The bias is bullish. This is supported by the price action, volatility, and indicators. Remember, volatility can go in both ways during a bullish market, so be on guard.
It’s very interesting to see if the bulls will be able to sustain the momentum all the way up to $370 and, potentially, how the price will behave if it gets there. Until then, it seems reasonable to expect to see the price above the support at $236, which should hold – in case of a correction.
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Litecoin also broke above the $236 resistance and turned it into support. The next major resistance can be measured at around $370, which would definitely take sustained momentum from the bulls to get there.
The bias is bullish. This is supported by the price action, volatility, and indicators. Remember, volatility can go in both ways during a bullish market, so be on guard.
It’s very interesting to see if the bulls will be able to sustain the momentum all the way up to $370 and, potentially, how the price will behave if it gets there. Until then, it seems reasonable to expect to see the price above the support at $236, which should hold – in case of a correction.
Like and follow if you liked my idea!
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