Litecoin continues to trade in tandem with Bitcoin prices, notching up a gain of 6.00% as of the time of writing. Bitcoin prices have broken the critical $57,000 resistance, allowing for a similar move on Litecoin as both pairs maintain their positive correlation.
The LTCUSD pair has violated the 186.82 resistance level but needs a 3% penetration close above this level to confirm the breakout. The Litecoin price prediction following this breakout is for the price to aim for the 200.60 psychological resistance. Above this level, there is a resistance point at 209.13, which is where the high of 18 March is found.
This movement occurs within the context of the evolving symmetrical triangle, whose lower border connects the lows of 2 February, 22 February, 28 February and 26 March. This lower border needs to be taken out for bears to pursue targets at 165.48, with 157.08 and 142.37 lining up as additional targets to the south.
LTC/USD Daily Chart
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Eno on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.