You would be gotten very bored if you have been monitoring litecoin for the past month. It got into a consolidation range between 1.30 and 1.50 and eventually started to form an ascending triangle - the support pivots were getting higher, but the resistance was steadfast at 1.50. Today(5/22), price broke above 1.50. With so many instances of resistance at 1.50, we should expect a break above to be sharp and this is exactly what materialized - a sharp rally to 1.95. Litecoin (LTCUSD) 4H Chart 5/22 (click to enlarge)The current breakout is sharp and suggests that litecoin could be starting a bullish trend. If there is a pullback, we should see price hold above 1.50 and the 4H RSI hold above 40. If not the bullish outlook will be neutralized. A break below 1.45 might even return the cryptocurrency back to a bearish mode.Litecoin (LTCUSD) Daily Chat 5/22(click to enlarge)Although the 4H chart shows a bullish breakout that signals an uptrend in the short-term, the daily chart shows that market was bearish heading into 2014. The downtrend did slow down but litecoin still drifted to 1.00 in April. At the momentum, the market is bullish in the short-term, but bearish-neutral in the medium-term. We do see strong bullish momentum as the daily RSI pushes above 80, but we still should look out for resistance first at 2.20, where the 200-day SMA resides, then the 2.42 resistance pivot from January. From a market psychological perspective, if price can start holding above 2.00, there would be a strong likelihood that ltcusd will break above 2.42 and begin a medium-term uptrend back to price levels not seen since 2014. However, if we price failing to clear 2.00, we should remain bearish to neutral for the medium-term.