LTCUSD Price Key Highlights
- LTCUSD price made a strong upside breakout from its ascending triangle pattern visible on the 4-hour time frame.
- This suggests that price could be in for longer-term gains, possibly taking it past the next resistance at 4.00.
LTCUSD price finally broke out of its consolidation pattern and is indicating a surge in bullish momentum, although a pullback might still be possible.
Fake Out to Breakout!
LTCUSD seemed to break below the triangle support earlier before changing direction and going for an upside breakout instead. Weak GDP data from the US dashed hopes of a Fed rate hike in December, spurring a sharp dollar selloff and a LTCUSD price jump.
Technical indicators are hinting that there’s enough bullish pressure left for another leg higher, as the 100 SMA is cementing its upward crossover while stochastic and RSI are both heading north.
Once the oscillators turn down from the overbought zone, sellers could hop in and inspire profit-taking activity, possibly before the trading week comes to a close. Nonetheless, the strong run higher suggests that LTCUSD price could be headed much further north in the coming weeks.
Intraday support level – 3.50
Intraday resistance level – 4.00
Charts from TradingView