Litecoin Price Analysis: LTC/USD Remains Buy on Dips
Litecoin price remains in an uptrend above the $60.00 level against the US Dollar. LTC/USD might continue to grind higher toward $68.00 or even $70.00.
Key Talking Points
Litecoin price started a nice upside move and traded above $60.00 against the US Dollar.
There are two important bullish trend lines forming with support near $60.00 on the 2-hour chart of LTC/USD.
The pair remains buy on dips and it might look to trade above $67.00 in the near term.
Litecoin Price Forecast
There was a decent uptrend initiated from the $57.00 swing low in Litecoin price against the US Dollar. The LTC/USD pair traded higher and broke a couple of important resistance levels such as $60.00 and $62.00.
It recently traded as high as $64.99 where it faced a connecting resistance trend line. At present, the pair is correcting lower and already tested the 23.6% Fib retracement level of the last wave from $56.95 low to $64.99 high.
The current uptrend remains intact as long as the pair is above the $60.00 handle. There are two important bullish trend lines forming with support near $60.00 on the 2-hour chart of LTC/USD (Data feed via Kraken).
An intermediate support is around the 50% Fib retracement level of the last wave from $56.95 low to $64.99 high at $60.84. Any major correction from the current levels toward $61.00 and $60.00 can be considered as a buying opportunity.
Should there be a break below $60.00, the price could decline further and trade toward the last swing low of $57.00.
On the upside, litecoin price has to break the $65.00 and resistance trend line to gain momentum. The next stop could be near the $67.00 high. However, there are chances of it testing $68.00 or even $70.00 in the near term.
Therefore, it’s best to keep an eye on the highlighted trend lines and the $60.00 handle for buying opportunity with a tight stop. The 2-hour RSI for LTC/USD is around 62 and signaling a bullish bias.