LTCUSD 1W Outlook $170 Target
Looking at the chart of Litecoin on the weekly timeframe, we can see that it's in a bullish trend that just broke out of a 2-year, almost 3 year, downtrend. The start of the downtrend was created at $171 with the second point being the swing high of the summer bull run in 2019. Since June 2019, Litecoin hasn't reached a higher high than that with the coin failing to even break above $80 until this week.
To get a glimpse of how strong this $80 level is, Litecoin tried in early 2020 to break $80 but got rejected all the way down to $25, then this month it tried 4 times to break through and couldn't until this week.
Now LItecoin not only broke through $80 but it broke through $95 too.
This does look like a big wick up on the weekly, but if we can see a wekly close of Litecoin above $95 that would be huge.
Moving upwards, the first level of resistance is $114 although that isn't the real resistance target. The $136 start of the downtrend and second point of the trendline is the real resistance level that Litecoin has to break in order to even think about hitting its previous all time high price.
Once Litecoin breaks through $136, the next valley created is $171. The $171 - $183 range for Litecoin is the last major level of resistance before it reaches its previous all time high prices.
Cheers
kyer
To get a glimpse of how strong this $80 level is, Litecoin tried in early 2020 to break $80 but got rejected all the way down to $25, then this month it tried 4 times to break through and couldn't until this week.
Now LItecoin not only broke through $80 but it broke through $95 too.
This does look like a big wick up on the weekly, but if we can see a wekly close of Litecoin above $95 that would be huge.
Moving upwards, the first level of resistance is $114 although that isn't the real resistance target. The $136 start of the downtrend and second point of the trendline is the real resistance level that Litecoin has to break in order to even think about hitting its previous all time high price.
Once Litecoin breaks through $136, the next valley created is $171. The $171 - $183 range for Litecoin is the last major level of resistance before it reaches its previous all time high prices.
Cheers
kyer
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