Litecoin price analysis: This breakout cheer for bulls has barriers ahead

Fibo Quantum

  • Litecoin breaks out on the short term charts.
  • Medium and long term charts show resistances that won’t be easy.

Litecoin bulls have a smile on their faces after they managed to break out of a descending trendline on the short term chart, but this breakout is short term and would prove difficult to sustain after a point where medium term stronger resistances will prove hard on the bulls to cross and sustain.

LTC/USD is up more than 4 percent on day at $60.72, almost at high point of the day after it broke out late on Saturday on the 60-minute chart, of a descending trendline and has more upside left in this ongoing rally.

Difficulty would stare at the bulls’ faces once they reach $65 as that is where comes another descending trendline on 240-minute charts by when bulls will need momentum and fundamental news to be in their favour to cross and rally further, or else exhaustion would taper off this rally.

LTC/USD 60-minute chart:

LTC/USD 240-minute chart:

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