Litecoin (LTC) Analysis – waiting for a breakout from the sideways trend

The next instrument where we could do better with our forecats is the Litecoin. We dealt with this altcoin on the 4th of April, when we were around the 130 USD. We were optimistic because the scale of the bounce was quite impressive. The reality verified our view. It is still positive but not as much as before. In our last analysis we wrote:

“From all the main cryptos (BTC, LTC and ETH), Litecoin looks the best. The support on the 110 USD looks relatively safe for now and we have quite big chances to climb higher and reach the red resistances (either the lower or upper line of the triangle). „

The thing is that we climbed only few USD higher and after that we went to test the 110 USD again. Well, we were right here. That support was super important and got eventually defended. That was indeed a good place to buy LTC. Currently, the price is locked inside of the sideways trend. Litecoin tries to break the horizontal resistance (135 USD) again and the chances for that are relatively high. 170 USD is the target and 110 USD remains the support. That gives us a trade with a desirable risk to reward ratio and makes the Litecoin an interesting trading opportunity. Positive approach stays this way as long was the price is above the black line.