Litecoin continues to move sideways in the short term, so we have to wait for fresh opportunities. It’s trading at 87.78 at the time of writing. The altcoin could extend its range before developing a strong move.
In the last 24 hours, LTC/USD is up by 1.35% but it’s down by 1.83% in the last 7 days. Bitcoin’s growth should force Litecoin to grow as well.
LTC/USD Bullish Pattern Violated!
You knew from my previous analysis that LTC/USD developed a down channel pattern which could announce a new leg higher. The ascending pitchfork’s lower median line (lml) represents a dynamic support, so as long as it stays above it, the altcoin could come back higher.
As you can see on the H1 chart, the rate escaped again from the down channel pattern signaling that the downside movement ended and that the buyers could take the lead.
LTC/USD Outlook!
A new higher high, a bullish closure above 91.70 activates further growth. This is seen as a new long opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Litecoin continues to move sideways in the short term, so we have to wait for fresh opportunities. It’s trading at 87.78 at the time of writing. The altcoin could extend its range before developing a strong move.
In the last 24 hours, LTC/USD is up by 1.35% but it’s down by 1.83% in the last 7 days. Bitcoin’s growth should force Litecoin to grow as well.
LTC/USD Bullish Pattern Violated!
You knew from my previous analysis that LTC/USD developed a down channel pattern which could announce a new leg higher. The ascending pitchfork’s lower median line (lml) represents a dynamic support, so as long as it stays above it, the altcoin could come back higher.
As you can see on the H1 chart, the rate escaped again from the down channel pattern signaling that the downside movement ended and that the buyers could take the lead.
LTC/USD Outlook!
A new higher high, a bullish closure above 91.70 activates further growth. This is seen as a new long opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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