Update: Litecoin, The Sleeping Giant

Two weeks ago I made a post about the fact that Litecoin broke through a multi year wedge, showing strong bullish momentum. Since then, Litecoin managed to hit the first target of $85, resulting in a 40% return in a mere two weeks!

Bullish momentum is still very strong, my take would be that it will remain so for the coming months. However, Litecoin has seen a tremendous growth without a stop. Traders will need to blow off some steam and take some profits soon around the current price, Resistance 1. In doing so, I see the price falling towards the support zone. In this support zone traders will buy in again, launching the price back to Resistance 1 ($85) and most likely blast through the resistance towards the $100 price mark and later to Resistance 2 around $145.

Litecoin is back in business!