FurkanS

Litecoin: Ready to breakout from downward trend

BITSTAMP:LTCUSD   Litecoin / Dollar
718 0 3
Seems like Litecoin is forming a week-long downward trend (Shown by the 4 hour chart) and potential breakout in the next 3-4 days. I believe it will retest the resistance formed around 365 and if broken: continue its upward trend to reach 500 - 565 range (The former more likely; 505 would be my estimate). Although volume is low at the moment, we should expect to see an increase in volume as a signal for the breakout. If the volume doesn't increase (or volume decreases), I believe the price could continue to drop until 200 - 225, but I find that scenario unlikely.

As a disclaimer, I am not an expert by any means (it is my first idea) and this is just my view of the current trend.
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