LTC/USD rebounded in the short term but this could end soon. Now, it's trading at 69.90 at the time of writing. The altcoin turned to the upside only because Bitcoin bounced back after its previous sell-off.
LTC/USD is down by 0.54% in the last 24 hours but it's up by 7.68% in the last 7 days. The bias remains bearish despite temporary rebounds. So, after the current swing higher, the altcoin could turn to the downside again.
LTC/USD Up Channel!Technically, the rate reached the descending pitchfork's upper median line (uml) again. This represents a dynamic resistance. The price dropped after reaching this dynamic obstacle in the past.
Also, the price action developed an up-channel pattern. This could represent a bearish formation if the LTC/USD stays under the upside line.
LTC/USD Forecast!False breakouts through the upper median line (uml) could announce a new sell-off. Still, only a valid breakdown below the uptrend line. A valid breakout above the upper median line and a new higher high may announce an upside continuation.