Litecoin stands above strong support, so an upside movement is favored. The price has decreased a little trying to attract more bullish energy. The current retreat could bring us a good opportunity.
LTC/USD has invalidated a potential deeper drop as the price of Bitcoin is traded higher. Technically, we need confirmation before taking action on this crypto.
LTC/USD Temporary Decline!
You can see that LTC/USD has stabilized above the downtrend line and now it moves upwards within the ascending pitchfork's body. The lower median line (lml) is seen as dynamic support, while the weekly pivot point (166.22) represents static support.
It could increase as long as it stays above these levels. Jumping and stabilizing above the 181.26 level could signal more gains.
Litecoin Outlook!
Making a new higher high could really activate a strong growth at least until the median line (ml). Only a valid breakdown through the lower median line (lml) and below the weekly pivot point (166.22). could invalidate the bullish scenario.
