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Litecoin Price Analysis: LTC/USD Retreats From $160-165

Litecoin worth traded higher and examined the $165 resistance in the direction of the USA Dollar. LTC/USD found sellers and is these days shopping for and promoting lower in opposition to $145.

Key Talking Points

  • Litecoin worth obtained upside momentum and traded above the $160 stage (Data feed of Kraken) in the direction of the USA Dollar.
  • There was once a wreck beneath an ascending channel with reinforce at $158 on the hourly chart of the LTC/USD pair.
  • The pair is liable to enterprise lower inside the fast time interval in opposition to the $145 and $140 reinforce ranges.

Litecoin Price Forecast

Yesterday, we talked about that litecoin worth could enterprise above the $150 stage in the direction of the USA buck. The LTC/USD pair even traded above the $160 resistance, but it surely absolutely was once not able to retain momentum above the mentioned stage.

A high was once formed near $163.66 and it seems identical to the $160-165 resistance zone as quickly as as soon as extra prevented constructive components. The pair moved down and broke the 23.6% Fib retracement stage of the last word wave from the $140.90 low to $163.66 high.

Litecoin Price Analysis: LTC/USD Retreats From $160-165
Cryptocurrency charts and prices outfitted by way of TradingView

The most important wreck was once beneath an ascending channel with reinforce at $158 on the hourly chart of the LTC/USD pair. It has opened the doorways a latest downside wave from $163.66.

The pair is these days shopping for and promoting near the $155 stage and the 100 hourly simple shifting average. It could shortly wreck the $150 stage and enterprise further lower. An speedy reinforce is throughout the 50% Fib retracement stage of the last word wave from the $140.90 low to $163.66 high.

However, if the brand new wreck is appropriate, there’s a probability that litecoin worth would possibly retest the $145 reinforce stage. Below the $140 reinforce, the payment could even retest the last word swing low of $140.90, which is a giant reinforce home.

On the upside, an preliminary resistance is near the $158-160 stage. Above $160, LTC/USD could as quickly as as soon as extra attempt to switch above the $165 stage. In the short time interval, the payment could decline and retest the $145 reinforce stage, adopted by way of a check out of $140.00.

Trade protected consumers and don’t overtrade!

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