Litecoin Could May turn Bullish

Looking at the wedge, we see Litecoin has reached the apex and could break up or down at any moment. While a break down is possible, looking at the bullish divergence on the RSI and OBV, as well as the crossover on the stoch, I'm inclined to lean toward a break upwards. If we see an increase in volume, expect a breakout shortly after. To be safe, I would wait for positive confirmation of an up OR down trend before entering a position. We must also remember that sometimes we see what's called a bull trap OR bear trap when it breaks up or down momentarily, only to reverse course. For that reason, I would wait for a closed candle on the hourly before entering a position.

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