Litecoin price fell below the $150 level against the US Dollar. Later, LTC/USD started a recovery above $160 and is currently showing a few positive signs.
Key Talking Points
- Litecoin price declined further and traded below the $150 support (Data feed of Kraken) against the US Dollar before starting an upside recovery.
- There was a break above a connecting bearish trend line with resistance at $180 on the hourly chart of LTC/USD pair.
- The pair is currently struggling to break another bearish trend line with resistance at $192-195.
Litecoin Price Forecast
Yesterday, we saw a crucial bearish pattern below $200 in litecoin price against the US dollar. The LTC/USD pair declined further and failed to hold the $150 support level.
It traded towards the $135.00 level and formed a low at $137.15. Later, an upside recovery was initiated and the price moved back above the $160 level. It traded above the 23.6% Fib retracement level of the last drop from the $247 high to $137 low.
More importantly, there was a break above a connecting bearish trend line with resistance at $180 on the hourly chart of LTC/USD pair. The pair succeeded in breaking the $190 resistance and the 50% Fib retracement level of the last drop from the $247 high to $137 low.
However, it faced another bearish trend line with resistance at $192-195. Moreover, there was a test of the $200 level as well during the recent wave, but sellers protected an upside break.
The price is currently trading in a range above the $180 level and is preparing for the next break. A proper close above the $200 level and the 100 hourly simple moving average is required for litecoin price to gain upside momentum.
On the downside, the $180 support is a decent buy zone. However, the most important support is at $150, followed by the last low of $137.
The current price action is positive and it seems like there are decent recovery signs above $160. There can be ranging moves in the short term before LTC/USD makes another attempt to break $200.
Trade safe traders and do not overtrade!
