Hi friends! Litecoin has done everything that we needed, to confirm a reversal. It is now in a confirmed breakout. Initial resistance will be at the bottom of the 38.2% retracement
level, at $266.40. Looking at the chart, we can see the LTC has broken out of the downtrend channel
, broken out above the 50 EMA
, and broken out above the previous high, to make a higher high. This is what I wanted to see, before getting bullish
. A break back below the previous high would be a sign of weakness, and a cause for concern. This has been your friendly market legend — MPC! Please follow, comment, like, and share on social media.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***