Litecoin technical analysis - expect break out #2
LTC / USD
As indicated in my previous analysis:
https://steemit.com/cryptocurrency/@voluntary-io/litecoin-technical-analysis-expect-break-out-anytime-now
"We reached a point when something is going to happen, break out from the drawn channel may happen any time now. The short term environment around the general crypto is good this week so it's likely the lines will break out north. "
Since then we have seen a further consolidation of trades narrowing the trading channel with potential of forming a continuation pattern of a longer bullish trend. What's interesting here is that the RSI dropped from nearly 70 (overbought area) to just over 30 (oversold area). This is positive for the price and may indicate the breakout is more likely to happen to the north.
short term support: 217 USD
short term resistance: 230 USD
Chart interpretation: Positive
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Thank you heaps for the analysis! I really hope that we can see a breakout by the end of March.
This is rather a matter of hours, maybe days. At least that's what the chart is telling us.