LTC/USD is bouncing off important Fibonacci support. Price can very well have formed a higher low and is about to start for the next leg higher. Resistance remains important at $141 by the medium-term downward sloping trend line. Breaking above it will open the way for a move towards $160 and higher.
Green rectangle - support
LTC/USD is bouncing off the 61.8% Fibonacci retracement. So far we observe price forming a higher low. If price breaks above $141-$143 we should raise the important support level from $118.50 to $127.60 Saturday's lows. Upside potential for LTC/USD is at $155-$170 area. If recent low at $127.60 fails to hold, we should expect price to test the important green rectangle support area. In the short-term a bullish bet with stops at $127.60 are favored as the upside potential provides good risk reward ratio.
