Litecoin is an another digital currency which is also gaining in respect of popularity and price. After a breakout on 01/04/2017 from $8, it has risen to $47 on 17/06/2017 marking 560% gain versus dolor in just two three months.
So, lets take some techinal overview of Litecoin, for which I need your attention on chart below, it is daily chart of Litecoin means one candle represent a trading activity of one day.
Firstly I want you to take note of third breakout from bottom(breakouts are marked in blue arrow) which happens from SUPPORT2, and one can notice how from this breakout Litecoin just shoots itself from $17 to $34 level then it went down in correction and up to breach $34 level three times making triple top formation at $34 level but finally on 17/06/2017 it manage to breach this level in its fourth attempt and surge to touch an all time high of $47.78 on same day.
Secondly, in small distribution pattern of two days it has not shown any divergence to price rise, attempt is still on to breach resistance level of $47.78 level as well. Volumes are also on pretty good side, keeping bears at bay.
Thirdly and Lastly if you look at RSI indicator as well on bottom of chart, this also not showing any sign of heat up or overbought level but showing support to Litcoin prices in Small Distribution.
In conclusion, I must announce that I am in strong view that its only a matter of time when this script will show higher level from current level, so as soon this script breach its RESISTANCE at $47.48, it will scale to another new high. If any divergence occurs in coming days, I will notify that in my next update of LITECOIN, as everybody should be well aware of a fact that there is no certainty in markets.
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