LTC/USD continues to move sideways in the short term trying to attract more bullish energy. As you already know from my analyses, the altcoin could jump toward new highs if the price of Bitcoin resumes its upwards movement.
LTC/USD was trading at 55.98 at the time of writing. It has increased by 3.71% from today’s low of 54.23 to 56.24 today’s high. In the short term, the altcoin could move sideways before developing a strong movement.
LTC/USD Range Formation!
You knew from my previous analysis that LTC/USD could jump higher after retesting the broken upper median line (uml). It has rallied but it has found resistance right below 57.60 former high.
I’ve told that the bias remains bullish as long as it stays above the 53.50 former low. Stabilizing above 55.55 static resistance signals an imminent upside breakout.
A new higher high and a valid breakout through 57.60 validates a larger growth. This scenario brings long opportunities.
The material has been provided by InstaForex Company – www.instaforex.com