Litecoin moves sideways on the short term and seems somehow determined to climb higher, but we still need a confirmation. It has changed little today, so it is premature to talk about a significant upside movement as long as the rate stays below the 70.000 psychological level.

The rate has managed to make a valid breakout above two very important and crucial dynamic resistance levels. The breakout needs confirmation, so maybe will be better to stay away until we’ll have a fresh trading signal.

You can see that the rate has jumped above the 150% Fibonacci line of the descending pitchfork and most important above the downtrend line (upside line of the major chart pattern). It moves in range between the 49.144 and 69.374, so personally, I believe that a valid breakout above the 70.000 psychological level will announce a further and a potential larger increase. LTC/USD has shown some oversold signs after the failure to stay and stabilize again below the broken upper median line (UML) of the descending pitchfork.

The rate has run away from the median line (ML), that’s why I’ve drawn the major chart pattern. Litecoin will increase only if the Bitcoin will resume the last days bullish movement. A retest of the broken downtrend line followed by an important increase could send the rate above the 69.374 static resistance as well. A valid breakout will give us a great chance to go long again, but only if we’ll place a stop loss below the 47.220 former low.