Litecoin price found bids near $150-151 and recovered against the US Dollar. LTC/USD is currently showing positive signs above the $155-156 resistance.
Key Talking Points
- Litecoin price formed a support base above $150 and recovered (Data feed of Kraken) against the US Dollar.
- This week’s followed key bearish trend line with resistance at $157 was broken on the hourly chart of the LTC/USD pair.
- The pair may continue to trade higher towards $162 and the 100 hourly simple moving average.
Litecoin Price Forecast
During the past three days, we saw a downside move from the $170 pivot level in litecoin price against the US dollar. The LTC/USD pair traded close to the $150 level before buyers appeared.
Looking at the chart, the traded as low as $151.01 before starting an upside correction. It climbed recently and moved above the 23.6% Fib retracement level of the last downside move from the $168.50 high to $151.00 low.
More importantly, this week’s followed key bearish trend line with resistance at $157 was broken on the hourly chart of the LTC/USD pair. The pair even moved above the $158 level and settled above the $156 resistance.
At the moment, the price is struggling to clear the 50% Fib retracement level of the last downside move from the $168.50 high to $151.00 low at $159.80. A clear break above $159.80 and $160.00 is required for buyers to gain upside momentum.
Once there is a break above $160, the price may rise further towards $162 and the 100 hourly simple moving average. Further above $162, the price may perhaps move past $165 to retest the last swing high at $168.50.
On the downside, the broken resistance levels at $156 and $155 are likely to act as decent supports should there be a correction.
The overall bias is slowly turning positive, but a break above $160 and $162 is must for litecoin price to gain upside momentum. On the flip side, a failure below $155 could push the price back towards $150.
Trade safe traders and do not overtrade!
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