Litecoin price traded higher and moved above $70.00 against the US Dollar. LTC/USD remains in a major uptrend and eyes further gains above $75.00.
Key Talking Points
Litecoin price made good ground recently and traded above the $70.00 resistance against the US Dollar.
There is a crucial bullish trend line forming with support at $72.00 on the 2-hour chart of LTC/USD.
The pair remains well supported on the dips toward the $72.00 and $70.00 levels.
Litecoin Price Forecast
The past few days were mostly bullish for Litecoin price as it moved above the $70.00 handle against the US Dollar. The LTC/USD pair is positioned well above the $72.00 level and the 100 simple moving average (2-hour).
The recent high was $75.82 (data feed via Kraken) from where the pair started a short-term correction. It moved below the 38.2% Fib retracement level of the last wave from $67.00 low to $75.82 high. However, the downside was protected by a crucial bullish trend line with current support at $72.00 on the 2-hour chart of LTC/USD.
Moreover, the 50% Fib retracement level of the last wave from $67.00 low to $75.82 high also acted as a support and prevented declines.
The pair is once again moving higher and it will most likely retest the $75.00 resistance. It seems like there is a contracting triangle in place with resistance above $76.00.
Once there is a break and close above $76.00, the next major target for buyers could be $80.00. On the downside, the $72.00 and $70.00 support levels are important. If buyers fail to hold the price above $72.00, the next level to watch out would be another bullish trend line at $67.00.
An intermediate support is around $69.00 and the 100 simple moving average (2-hour). The overall trend is bullish and the current momentum is likely to stay as long as the price is above $72.00.
The 2-hour RSI for LTC/USD is moving higher towards 60, which means the pair might continue to higher towards $75.00.