Litecoin price climbed further higher and traded to a new weekly high at $69.24 against the US Dollar. LTC/USD is correcting lower, but dips remain supported near $66.20.
Key Talking Points
· Litecoin price made a nice upside move and traded above the $69.00 level (Data feed of Kraken) against the US Dollar.
· This week’s followed important bullish trend line is still in place with current support at $66.20 on the hourly chart of the LTC/USD pair.
· LTC price is likely to move higher once gain once it completes the current correction near $66.20.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price could trade to a new weekly high above the $68.00 level against the US dollar. The LTC/USD pair did trade higher and traded to a new weekly high at $69.24 before sellers emerged.
Looking at the, LTC price broke the $67.50 and $68.00 resistance levels to climb higher. The upside move was strong as the price traded close to the $70.00 level and formed the $69.24 high.
Later, there was a downside correction and the price declined below the 23.6% Fib retracement level of the recent wave from the $64.32 low to $69.24 high. It is now approaching a couple of important supports above the $66.00 level.
An initial support is near $66.80 and the 50% Fib retracement level of the recent wave from the $64.32 low to $69.24 high. There is also a connecting bullish trend line with support at $66.80.
More importantly, this week’s followed important bullish trend line is still in place with current support at $66.20 on the hourly chart of the LTC/USD pair. The 100 hourly simple moving average is also around the trend line at $66.20, which is likely to act as a strong support.
Therefore, if the price continues to move down, it could find support near the $66.20 and $66.00 levels. Once the current correction is complete, litecoin price is likely to climb higher back above the $69.00 level to test or break the $70.00 level.
The market data is provided by TradingView.