In yesterday's analysis we noted that although trend was bearish in LTC/USD, there were bottoming signs that could justify a trend reversal and a move higher. We also noted that a break above the first resistance trend line at $135,15 would push price towards the next resistance at $145. Today we witnessed exactly that. So far price shows rejection signs.
Green rectangle- support
LTC/USD is challenging short-term trend. Price got rejected at $145 and this confirms the importance of the second resistance trend line. Breaking above it will open the way for a move towards $160 and higher. Support is key at $118.50 but we now need also to keep a close eye on the $135 area which is now support, previously resistance. If bulls manage to respect support around $135 and form a higher low, then they could make another try to break above $145 and push towards $160. Breaking below $118.50 now would most probably lead price towards $100.
