Litecoin rallied as BTC/USD jumped higher after ending its retreat. The altcoin was traded at 63.11 at the time of writing, below 64.30 today's high. After its strong rally, we cannot exclude a temporary retreat.
Still, technically, the bias is bullish in the short term. LTC/USD registered a 23.63% from Tuesday's low of 52.01 to 64.30. BTC/USD's further growth should help the price of Litecoin to approach and reach new highs.
LTC/USD Upside Breakout!
As you can see on the H4 chart, LTC/USD retested the ascending pitchfork's lower median line (lml) and now it has jumped above the 60.44 resistance. It challenges the inside sliding line (sl) which represents an upside obstacle.
Closing and stabilizing above this obstacle may signal further growth. Still, we cannot exclude a temporary retreat, a 60.44 retest is possible.
LTC/USD Outlook!
The aggressive breakout through 60.40 signaled strong upside pressure. Stabilizing above the inside sliding line (sl), validating its breakout may signal an upside continuation and could bring new long opportunities. The 73.16 is seen as a potential upside target.
