Litecoin changed little in the short term. It's trading at 99.97 level at the time of writing. The selling pressure remains high as the price of Bitcoin maintains a bearish bias. LTC/USD seems somehow undecided in the short term.
In the last 24 hours, Litecoin is up by 0.42% but it's down by 10.90%% in the last 7 days. Technically, the price is located in a demand zone, that's why we can search for new long opportunities.
LTC/USD Upside Breakout?
LTC/USD is located within a down-channel pattern. As long as it stays above 94.05 - 96.51 area, the altcoin could try to develop a new leg higher. The downtrend line and the 150% Fibonacci line are seen as dynamic upside obstacles.
Escaping from the pitchfork's body, registering a valid breakout above the upper median line (uml) may signal that the downside movement could be over. A valid breakdown below 94.05 may announce more declines.
LTC/USD Outlook!
Staying above the 94.05 - 96.51 followed by a valid breakout above the downtrend line and through the weekly pivot point of 105.39 could announce potential strong growth. This scenario could announce a bullish reversal.
