Litecoin was trading at 59.01 at the time of writing below the 60.11 daily high. In the short term, LTC/USD turned to the upside as BTC/USD rebounded in the short term. The altcoin increased by 6.05% from yesterday's low of 56.68 to 60.11 today's high.
Still, in my opinion, Bitcoin's deeper drop should force the LTC/USD to drop as well. Technically, the price action signaled strong LTC/USD buyers.
LTC/USD Upside Pressure!
As long as it stays above the uptrend line, LTC/USD could resume its upside movement. It's trapped between 56.68 and 60.11 in the short term.
Now, it challenges the weekly pivot point of 59.36. This stands as a static resistance. After its false breakdown with great separation through the uptrend line, the price action signaled strong upside pressure.
LTC/USD Outlook!
Jumping, closing, and stabilizing above 60.11 signals further growth. On the contrary, staying below the pivot point (59.36) and taking out the uptrend line and the 56.68 opens the door for a new sell-off.
