Litecoin slipped lower and now is located at 67.80. After the last bullish momentum, a retreat was somehow expected. The rate tries to test and retest the immediate downside obstacles before trying to jump higher.
LTC/USD is up by 0.38% in the last 24 hours and by 3.91% in the last 7 days. Technically, the price action signaled that the sell-off could be over and that the bulls could take full control.
LTC/USD Turned To The Upside!
Technically, the altcoin escaped from the minor range between 61.00 and 67.05 levels. It has found resistance at the monthly S2 (70.63) and now it has come back to test and retest the 67.05 broken resistance (resistance turned into support).
You knew from my previous analyses that the ascending pitchfork’s lower median line (LML) represents a dynamic support. As long as it stays above it, LTC/USD could give birth to a new leg higher.
LTC/USD Forecast!
Testing and retesting 67.05 and the lower median line (LML), registering only false breakdowns may announce a new leg higher. This scenario could bring us new buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Litecoin slipped lower and now is located at 67.80. After the last bullish momentum, a retreat was somehow expected. The rate tries to test and retest the immediate downside obstacles before trying to jump higher.
LTC/USD is up by 0.38% in the last 24 hours and by 3.91% in the last 7 days. Technically, the price action signaled that the sell-off could be over and that the bulls could take full control.
LTC/USD Turned To The Upside!
Technically, the altcoin escaped from the minor range between 61.00 and 67.05 levels. It has found resistance at the monthly S2 (70.63) and now it has come back to test and retest the 67.05 broken resistance (resistance turned into support).
You knew from my previous analyses that the ascending pitchfork’s lower median line (LML) represents a dynamic support. As long as it stays above it, LTC/USD could give birth to a new leg higher.
LTC/USD Forecast!
Testing and retesting 67.05 and the lower median line (LML), registering only false breakdowns may announce a new leg higher. This scenario could bring us new buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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