FX.co ★ Litecoin poised to jump higher

Litecoin edges higher at the time of writing. It's trading at 106.39 level and it seems determined to approach and reach new highs. In the short term, it continues to move somehow sideways, that's why we need to wait for a fresh trading opportunity.

In the last 24 hours, LTC/USD is up by 1.83% and by 6.83% in the last 7 days. The price of Litecoin raised as the price of Bitcoin has managed to rebound and erase some of the latest losses.

LTC/USD Accumulates More Bullish Energy!

As you already know from my previous analyses, LTC/USD is somehow expected to grow after escaping from the down channel's body and after registering a valid breakout above the 150% Fibonacci line.

Now, it has stabilized above 102.39 weekly pivot point and now it tries to approach and reach 109.30 former high which represents an upside obstacle.

LTC/USD Outlook!

A valid breakout above 109.30, a new higher high could activate a strong upwards movement and could bring new long opportunities.