"Jack's Trading Classroom" LTCUSD weekly double bottom breakout

In two technical analysis articles released on December 26, 2020, and January 3, 2021, respectively, titled "Bullish Targets Still Exist Above on LTCPERP" and "Comments After Breaking This Year's High on LTCPERP," the price had reached the Fibonacci sequence bullish profit-taking target in the four-hour candlestick chart of Litecoin (LTC). Next, we will analyze the future trend of Litecoin using a larger time frame.

In two technical analysis reports released on December 26, 2020, and January 3, 2021 respectively, titled "LTCPERP Still Has Bullish Target Prices Above" and "Commentary on LTCPERP Breaking This Year's High," the price has reached the Fibonacci bullish profit-taking target in the four-hour candlestick chart of Litecoin. Next, we will analyze the future trend of Litecoin using a larger time frame.

Currently, we see a weekly chart of LTCUSD, showing a typical bottom pattern - a double bottom pattern within the Litecoin weekly chart. This bottom pattern broke the neckline high of 146.950 before reaching the previous bullish profit-taking target of 151.89 in the four-hour time frame. The future trend in the weekly chart is likely to continue to be bullish.

In the upper range, the resistance zone is between 127.2-138.2, which is 180.790-194.475. This resistance zone coincides with the previous high from April 30, 2018, in the weekly chart. Caution should be exercised for potential retracement risks in this zone. Upon a successful break above the 127.2-138.2 range, the Fibonacci level of 200 at 271.360 is a target price that satisfies the double bottom pattern's price increase. It is recommended for bullish traders to trade this weekly chart pattern with lower leverage.

Holding spot positions is optimal, as leveraged trading in longer time frames carries higher risks. Wishing you successful trading!

Recently, the cryptocurrency market has experienced significant volatility. It is advised that traders strictly adhere to risk management practices and avoid high leverage and high contract volume trading to prevent additional losses due to volatile market conditions. This article reflects personal opinions, and readers should use caution and discretion. Trading virtual currencies may pose risks to your capital.

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