Litecoin is trading in the red at 102.56 at the time of writing. The price comes back down to test and retest the broken levels before jumping higher. Actually, Bitcoin's drop forces the altcoins to drop as well. In the short term, LTC/USD is moving somehow sideways, so we'll have to wait for a fresh trading opportunity.
In the last 24 hours, LTC/USD is up by 0.45% but in the last 7 days, the crypto is down by 2.38%. The price action signaled that the downside is limited but an upside reversal is far from being confirmed.
LTC/USD Retests The Buyers!
LTC/USD escaped from the down channel pattern. Now it tries to retest the downtrend line. Staying above this broken dynamic resistance may signal that LTC/USD could develop a new leg up. The breakout above the 150% Fibonacci line and above the downtrend line signaled potential upwards movement.
Still, only a new higher high, a valid breakout above the 109.30 could really announce a strong leg higher. An upwards movement could be invalidated if the price comes back below the downtrend line.
LTC/USD Outlook!
Retesting the downtrend line and making a new higher high, a valid breakout above 109.30 could activate a new swing higher and could bring new long opportunities.
