Litecoin dropped in the short term after its rally. The retreat was natural before trying to jump higher again. It’s trading at 54.97 at the time of writing above today’s low of 53.50. Bitcoin’s upside continuation could help the altcoins to jump toward new highs as well.
In the last 24 hours, LTC/USD is down by 1.14% but it’s up by 7.57% in the last 7 days. Technically, the altcoin could continue to move sideways in the short term. A larger swing higher needs strong confirmation.
LTC/USD Retests The Buyers!
As you can see on the H4 chart, Litecoin moved sideways between 50.01 and 55.55 levels. Breaking above the 55.55 static resistance signaled that LTC/USD could develop a leg higher.
Unfortunately, it has failed to stabilize above the broken resistance and now it came back to retest the descending pitchfork’s upper median line (uml). As long as it stays above it, Litecoin could give birth to new upside momentum.
LTC/USD Forecast!
Staying above 52.30 and above the upper median line (uml), registering only false breakdowns below this line could announce a new rally. A new higher high, jumping and closing above 57.60 activates a border swing higher. This scenario brings new long opportunities as well.
The material has been provided by InstaForex Company – www.instaforex.com
