Litecoin [LTC] has been in a major uptrend since the beginning of the year. The price has nearly doubled from the lows this year around $38.
LTC at 3: 15 hours UTC on 1st February is trading at $71.5. The year to date gain at current price is over 85%. On Thursday, the price also broke above the 200-Day exponential moving average on 29th signaling strength in the cryptocurrency.
Leading chart analyst, Peter Brandt, suggests from his analysis that Litecoin [LTC] seems to be following a symmetrical triangle on long-time frames (weekly). The top (around $100) and bottom (near $40) of the channel are acting as the support and resistance for the cryptocurrency.
He expects the price to touch the top triangle next with the breakout above an inverse head and shoulders pattern. The target of the head and shoulder’s pattern is around $95.
The invalidation of the pattern will be around $50.63. Moreover, he advises traders to enter into long positions at retest of the neck-line around $67.
Nevertheless, he also mentions that while Litecoin [LTC] has been forming a disciplined market structure, Bitcoin continues to be the “grand-dad” of all cryptocurrencies. He is expecting bullish continuation in Bitcoin with resistance around the $10,000 levels.
Moreover, with a lot of FOMO and FUD now acting in the market and Bitcoin [BTC] price volatility, altcoins maintain a higher risk/reward ratio.
How far do you think the bullish trend in Bitcoin and altcoin will occur? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com