Litecoin price started a downside correction from the $64.00 high against the US Dollar. LTC/USD is currently trading nicely above the $60.00 and $61.00 supports.
Key Talking Points
· Litecoin price corrected lower after trading as high as $63.68 (Data feed of Kraken) against the US Dollar.
· There are two key trend lines formed with support at $60.50 and $59.50 on the hourly chart of the LTC/USD pair.
· LTC price could decline a few more points towards the $60.00 and $59.50 supports.
Litecoin Price Forecast
Yesterday, we saw a nice upside move above the $60.00 resistance in litecoin price against the US dollar. The LTC/USD pair traded above the $63.00 level and formed a new weekly high at $63.68.
Looking at the chart, LTC price started a downside correction from the $63.68 high and declined below the $62.00 level. There was a break below the 38.2% Fib retracement level of the last wave from the $56.90 swing low to $63.68 high.
However, the price found support near the $60.30 level. It seems like the 50% Fib retracement level of the last wave from the $56.90 swing low to $63.68 high acted as a strong support.
The price started trading in a range above the $60.30 level and is currently preparing for the next move. On the downside, there are two key trend lines formed with support at $60.50 and $59.50 on the hourly chart of the LTC/USD pair.
The second trend line is very important since is coincides with the $59.20 pivot level and the 100 hourly simple moving average. Therefore, as long as the price is above the trend line, $59.20, and the 100 hourly SMA, it remains supported for more gains.
On the upside, there is a connecting bearish trend line in place with resistance at $62.50. A break above this could open the doors for more gains above the $63.68 high.
To sum up, litecoin price remains supported around the $60.00 level and any dips can be seen as a buying opportunity.
The market data is provided by TradingView.
