LTC/USD posted humble gains and it is still premature to talk about a significant upside movement, despite the breakout above a dynamic resistance. Price is trapped below some very important dynamic resistance levels.

It is very important to see what will happen on the Bitcoin in the upcoming days because if it will increase, then the Litecoin will jump higher as well. On the other hand, if the Bitcoin will drop, the Litecoin will resume the downside movement as well.

Litecoin moves sideways right now and it seems undecided, but I really hope that we’ll have a significant movement very soon, but the direction is still uncertain.

You can see on the daily chart that the rate continues to stay above the 49.144 static support and now is fighting hard to recover and approach and reach at least the 60.000 psychological level. It has managed to jump above the first warning line (WL1) of the descending pitchfork. Personally, I would like to see a false breakdown below the 49.144 and below the WL1 or a failure to reach and retest the WL1 before it will start an important upside movement. If this scenario will take shape, then we could receive a confirmation that we may have an important upside movement.

However, also an increase followed by another drop and a failure to retest the 49.144 level could signal an important upside movement. A further drop could be confirmed by a valid breakdown below the 49.144. Price could increase a little, so a failure to reach at least the sliding line (sl1) could send the rate down again.