FX.co ★ #Litecoin chart analysis

LTC/USD, price now 51.00. The pair is in a prolonged downtrend, but is currently attempting to bounce off support at 49.9. The price is now testing local resistance at 53.1, and if we break it, the road to 55.7 will open. Fundamentally Litecoin follows the overall cryptocurrency trend, but technically it looks oversold. Tonight US data may increase volatility. I am considering buys from 51.0 with a tight stop below 48.0. If I see a close above 53.1 on the hourly chart, I will hold the long to 55.7. On a return above 55.7 the bullish scenario will continue to 57.9. If we break 48.0 to the downside, the scenario will be invalidated, and I will switch to selling toward 45.0.