LTCUSD: A Run Towards $200 Is Possible If Buyers Clear $186

Summary:

Litecoin (LTCUSD) seems to be on course to hit the $200 mark, but only if there is enough buying momentum to allow bulls clear the $186 barrier.

Litecoin is on its way to staging a 4th straight day of gains, as it tracks the upside moves that Bitcoin prices have shown this Thursday. Litecoin is currently up by 3% in its pairing with the US Dollar, helped by its correlation with Bitcoin and the weakness of the US Dollar.

Altcoins are riding a high wave of bullishness and if Litecoin can get more bullish momentum going, it could reclaim the $200 spot in a matter of days or weeks.

So what do the charts say at this time?

Technical Levels to Watch

Litecoin broke out of the falling wedge pattern on the daily chart, and the resulting bullish breakout appears to have completed the measured move that corresponds to the wedge’s base. Price has met resistance at the 10 January high of 186.22. However, an intraday violation is playing out, with the potential for a closing penetration above this level. Two successive closing penetrations

above this resistance are needed to confirm the breakout, which could open the door for an ascent that targets the $200 psychological level.

On the flip side, a rejection at 186.82 could set up a chance for a correction towards 165.48, with 157.08 and 142.37 serving as additional targets to the south.