Litecoin(LTC/USD) Update 06/07/2017: Resistance Has Been Breached, What Next????

Litecoin is one of the few in digital currency space who is still in bull run. In my last update on 03/07/2017, i had alerted the buyers to be ready and link to that post for reference is https://steemit.com/litecoin/@jimmyrai28/litecoin-ltc-usd-update-03-07-2017-buyers-be-ready-your-turn-round-the-corner, as expected it just jump after that update.

Now take your attention on chart below, lets see what is a status of LTC according to chart......

In chart above there are few point which i want you to notice i.e.

Resistance: Green horizontal line on chart above is a resistance which is at $48.53 level and this level has been breached by LTC in yesterdays session, and beside breaching, LTC also closes above that. Today also LTC is trading above this resistance line though its trading in red but still above $48.53.
Volumes: Liquidity plays a important role in movement on either side be it up or down. It was great plus point in yesterday session that volumes were very healthy which shows strong buyers has injected fresh liquidity which then help LTC to touch a all time high of $55.40 yesterday and today also LTC begin its session by hitting another high of $57, but falling since and this move is justifiable in sense that this script is now trying to digesting its recent gains.

Now the question arises , is their any value or sense in initiating fresh buy in LTC?

Their was real chance on 03/07/2017 as alerted by me to be a buyer, any one who bought LTC that day is sitting on very handsome profit now, But to initate fresh buy one should wait for consolidation which i think will happen now to get over, if support which was prior resistance at $48 level held, then one can think of initiating fresh buy position, with that said i rest my analysis here.

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great post! i like photo!

Jimmy
Good technical analysis. I am expecting ltc to breach 60 (my limit order for sell) and then draw down to 49-50 range which should create a buying opportunity.
@ssd213

Bitcoin or LTC??? Thanks anyway for appreciation and stopping by

I am also waiting for bitcoin to breach 60 since 2013

it was ltc :) typo. haha wish i can get btc for 60 or 600 ;) too

I like to see other peoples opinions and price projections. Mine is a bit more optimistique. I think between now and aug1 it goes to 110-125 on the news from MIT and the fears of bitcoin hardfork.
This is just my guess looking at the latest price action. I think these mini rallies will intesify until the end of july.

Lets see...thanks for stoping by

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It certainly appears to be going through consolidation at around $48-50. Healthy thing after a quick rise up to ATH. Seems prepped to push even higher. About time considering it went through an extensive consolidation phase for much of May and June