LITECOIN (LTC) UPDATE: WILL BTC FOLLOW THE LTC SPIKE?

LTC has broken out of its triangle on the 2 hour. In terms of where this price action could lead to, LTC could potentially affect BTC in a way where it can hit 10k soon.

Charlie Lee, the creator of LTC, stated that this move was caused by more widespread adoption of LTC. We rarely see altcoins in the top 10 perform exponentially better than the rest of the coins, and if BTC and ETH follow we could see a spike from both in the next few days.

This breakout wasn't in my opinion caused by a pump or a tweet by an influencer, it was most likely rather just a surge of buying pressure, as you can see the volume increased by a considerable amount.

I don't have the RSI indicated on the chart, but if you check it you will see that we are oversold, so obviously there should be a pullback. Nevertheless, this pullback should land the price at around 170, otherwise I am short-term bearish on this move.

Conclusion: I would like to see LTC flag, and continue to uptrend off of the 170-180 area, otherwise if this doesn't occur, then I am expecting a pullback down to the 200/100 EMA. Usually money flows from one top coin to another, and if this holds true to this situation, BTC and ETH should follow the action soon.