LTC continuing a weekly pattern of higher lows and lower highs against USD, forming a pennant. Break out in the next 7-10 days, likely correlated to the impending BTC fork. I expect FUD in BTC to push market cap to alt's, at least until the dust settles. LTC, with its solid fundamentals and relatively stable history, should be a great store of value in the interim. Thoughts?
Comment:
LTC broke out immediately after the Charlie Lee tweet regarding the Lightning Network. This move has been swift, and well supported as evidenced by volume. There is currently a stop for consolidation on the shorter term charts (1h/15m), which is encouraging. Healthy consolidation will help sustain not only the bull run, but also higher price levels once achieved. There is not a lot of price action between here ($68) and ATH, therefore not a lot of resistance as we move up. I anticipate a break over $70, if the bulls stay around to continue the run towards the next resistance just over $82. If the bears take control and the consolidation pattern on the hourly chart breaks, support is found at $63. Thoughts?