Sometimes Litecoin has even proven to be a leading indicator for Bitcoin's price movements
Right now Litecoin is setting up for its move above the black descending trendline. The MACD, STOCH, STOCH RSI all show bullish divergence. It looks like price accumulation to me.
Once we clear our $60 price target (major area of support/resistance , and ~50 Weekly SMA), we could begin to see some significant price moves upward.
What we want to see are prices maintain levels right around the 10 Weekly SMA of $45
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getting closer to decision time!
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We broke up!
1st target: Weekly 50 day SMA at $52.5 (purple MA trend line) 2nd target: Red horizonal resistance line at $60
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Once we clear $60, $80 is on deck!
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In my last update, we broke our descending line (bullish).
Ideally, I wanted to see us test the $80 price level and ultimately consolidate between $60-$80.
Bitcoin (driver of value) ultimately took a small poop on the market, hence litecoin broke down as well.
What I am now looking for is the dark green line ~$40 to hold (if not, it's very feasible to see a wick to ~$33.
Currently, I anticipate the $40 price level to hold, and ultimately retest the $60 level.