Litecoin Price Analysis: LTC/USD Preparing for Bull Run?
Litecoin price is stable above the $175-180 support against the US Dollar. LTC/USD mostly consolidated in a range and it seems to be preparing for an upside break.
Key Talking Points
Litecoin price remains supported on the downside above $170 (Data feed of Kraken) against the US Dollar.
This week’s highlighted important short-term ascending channel with current support at $178 is still in place on the hourly chart of LTC/USD pair.
The pair seems to be preparing for an upside push above the $188 resistance in the near term.
Litecoin Price Forecast
There were mostly ranging moves with a minor bearish angle in below $188 in litecoin price against the US dollar. The LTC/USD pair formed a short-term double bottom pattern near $165 and started an upside move.
The pair traded towards the $188-190 resistance. The stated $188-190 resistance prevented gains on many occasions and it acted as a barrier the last upside wave. LTC moved down and traded below the 38.2% Fib retracement level of the last leg up from the $165.41 low to $187.29 high.
However, the downside move is limited by the $175-180 support. More importantly, this week’s highlighted important short-term ascending channel with current support at $178 is still in place on the hourly chart.
Moreover, the 50% Fib retracement level of the last leg up from the $165.41 low to $187.29 high acted as a support recently and prevented further declines. The price is currently moving to and fro around the 100 hourly simple moving average and the $180 level.
Buyers need to gain pace to move higher and break the $188-190 resistance area. A proper close above the mentioned $190 horizontal resistance is needed for buyers to gain strength.
The next barriers above $190 area $200 and $220. On the flip side, the $175-180 support area is significant. Should there an hourly close below $175, the price may retest the last swing low of $165 in the near term.
Overall, the price is bullish with support at $175 and resistance near $190.