Litecoin: From trough to rough

LTC bounces sharply from the long term support.
Can't run hard enough, resistances stare at the bulls.

Litecoin, the crypto, has managed to bounce off sharply from the bottom hit after the recent sell-off, but not enough to call it a long term bottom yet, while there are plentiful resistance in its journey up even as bears prepare for their next onslaught.

LTC/USD down about 1.7 percent on day at $33.53, not far off from the day's low. Litecoin's recent low after the sell-off, co-incides with a long term support on the daily chart, giving some momentum to the bulls to take battle in their hands while bears seemed tired after a sell-off that saw prices dropping by nearly 36 percent in the month of November.

While thats a good sign, but not the best yet - bulls face multiple resistances ahead in their journey. First they have a 21-days SMA at $36.63 and then 21 days EMA at $36.73. If crossed, they have a major long term hurdle in the form of descending trendline of the long term triangle, placed at $38.857. Enough for the bears to take control in their hands.

LTC/USD daily chart:

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