Litecoin Technical Analysis: Bullish Pattern, Potential Breakout.

Litecoin
Litecoin is in a similar boat as Bitcoin and turned away from a retest of support. If it falls below the green support level, expect more downside. If it definitively bounces off the support level, look to take a trade on the upside to the $140 area.

Using Ichimoku Clouds, we see that Litecoin is also below the cloud and is forming a bearish cloud. A bearish TK-Cross is still a bit of a way off from forming, but if it does could spell even more downside for Litecoin. It is testing the Tenkan-Sen which is the faster moving average, so keep an eye out for how it reacts to the level.

LITECOIN (CRYPTOCURRENCY)
Litecoin (LTC), released in October 2011, is a global decentralized digital currency, based on blockchain technology. It is often referred to as a lightweight Bitcoin, because it's technically nearly identical, but substantially cheaper. All transactions are recorded on a public ledger called The Blockchain. It allows faster processing and faster transaction confirmation. It has the fourth largest market capitalization of all the cryptocurrencies and is carried by many exchanges.

The number of units is capped at 84 million and almost 49 million are in supply. Because of this cap, inflation won't decrease their value. Litecoin miners use their computers resources to support the cryptocurrency that's based on an open source protocol and get rewarded with Litecoins if they have done a certain amount of cryptographic work. Units can be bought or sold against bitcoin or against a fiat currency like the USD or the EUR. You can also purchase good and services with them.