LITECOIN BREAKOUT|STUCK IN THE RANGE?

27 jul 2020

Litecoin has had its own breakout against the dollar, just as every other asset, as the DXY is falling like a rock.

However, as this breakout is universal, that means that it is a sign of the dollar weakness, not a sign of any particular strength of any asset per se.

That means that as soon as the dollar finds its bottom, Litecoin, having broken the resistance, might have a chance to get stuck in a range outlined on the chart.

Currently, following the range logic, the decline might proceed till the first minor support. Then LTC either bounces to retest the resistance, or the support fails and we get to see how the green line stands.

A possible long near the support line, a certain long at the green line, possible short at the red line.
Always try to wait for a confirmation.

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