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On February 3, Litecoin broke through the strong resistance level of 146.04. Is there more potential for the upward movement?
According to the H4 chart, two Flag patterns were formed yesterday and during today's trading session. They indicate the continuation of the trend. In addition, LTC/USD entered a wide sideways channel of 146.04 - 171.25 which creates potential for further growth.
At the time of writing, the price has consolidated and formed the main part of the flag. This formation may indicate that the level of 146.04 will be confirmed as support. If the price pulls back from the horizontal line, the chances of further uptrend will increase.
However, we should keep in mind that Litecoin is still trading in close correlation with Bitcoin, the flagship cryptocurrency. And it seems that the main cryptocurrency is not going to rise and break through the resistance level of the triangle. Therefore, in case of Bitcoin's reversal, LTC/USD may not hold above the 146.04 area and may return to the sideways channel of 135.89 - 146.04.
At the moment, it is too risky to open long positions on LTC/USD, at least until the price faces support at the level of 146.04 or makes a clear upward reversal.
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