Technical Analysis: Litecoin (LTC) - Feb 7th

As we expected yesterday, Litecoin rose up to the trend line and reversed off that line. We will see in the coming hours as to whether or not it will start its move downward or if it will try to break through this resistance. If you line it up with the MACD, it is showing a sell signal and the reversal of trend, however I would look for more assurance before selling as the price could still break out or retest the top resistance. If it does move down, look for the wedge pattern to continue as we will see the price test the lower support once again.