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Litecoin price is making a nice upside move above $160 against the US Dollar. LTC/USD is now back in the bullish zone with supports near $165 and $162.
Key Talking Points
- Litecoin price is showing a lot of positive signs since it is now above $162 (Data feed of Kraken) against the US Dollar.
- There is major bullish trend line forming with support at $167 on the hourly chart of the LTC/USD pair.
- The pair may correct a few points in the short term, but it remains supported above 162.00.
Litecoin Price Forecast
There were further gains from the $150 swing low in litecoin price against the US dollar. The LTC/USD pair succeeded in gaining upside momentum and it broke a crucial resistance area near $162-165.
The upside move was strong as the price traded as high as $175. The price is now trading well above the $160 level and the 100 hourly simple moving average. At the moment, the price is correcting lower from the $175 high.
It broke the 23.6% Fib retracement level of the last wave from the $155 low to $175 high. However, there is a major bullish trend line forming with support at $167 on the hourly chart of the LTC/USD pair.
The same trend line is positioned above the $165 support. Moreover, the 38.2% Fib retracement level of the last wave from the $155 low to $175 high is also near $167. Therefore, the $165-167 zone is a major support area for the current wave.
Below $165, the previous major resistance near $162 may perhaps act as a support. It is also the 50% Fib retracement level of the last wave from the $155 low to $175 high.
On the upside, the recent high of $175 is a short-term support. If the price continues to hold the $165 support, there are chances of it retesting $175. Above $175, the price may move towards the $190 resistance level.
The overall price structure for LTC price is bullish above $165.
Trade safe traders and do not overtrade!
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