LitecoinLong
Quick Thoughts on Potential LTC Breakout
Here we see LTC breaking out of its uptrend channel and having a healthy pullback. Now we wait and see if LTC can break its previous resistance - confirming a breakout!
Notes:
We did break out of the channel. However, we did not enter a downtrend on the 1 hour chart. There was still clear support on the 55 EMA. On the one hour chart, the RSI was incredibly overbought. It was expected to have some sort of correction with numbers like that. However - we can see that we bounced off the 38 RSI - keeping us in Bullish territory. This is great news!
Definitely keep an eye on LTC for potential breakouts. Watch out for volume, RSI Support/Resistance, and of course the price!
Notes:
We did break out of the channel. However, we did not enter a downtrend on the 1 hour chart. There was still clear support on the 55 EMA. On the one hour chart, the RSI was incredibly overbought. It was expected to have some sort of correction with numbers like that. However - we can see that we bounced off the 38 RSI - keeping us in Bullish territory. This is great news!
Definitely keep an eye on LTC for potential breakouts. Watch out for volume, RSI Support/Resistance, and of course the price!
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