FX.co ★ Litecoin trapped between 50.01 and 55.55

LTC/USD continues to move sideways in the short term. It's trapped within a narrow range, so we'll have to wait for a fresh trading opportunity. The altcoin extends its range only because the price of Bitcoin and Ethereum continue to move sideways as well.

In the last 24 hours, LTC/USD is up by 0.12% but it's still down by 1.30% in the last 7 days. The altcoin maintains a bearish bias as BTC/USD remains bearish. A strong move in Bitcoin could bring a clear direction in LTC/USD as well.

LTC/USD Seems Undecided!

LTC/USD registered false breakdowns with great separation below the 50.01 key support but failed to develop a strong leg higher. It's trapped between 50.01 and 52.30. Escaping from this minor range could bring new trading opportunities.

The minor downtrend line represents a dynamic resistance. As long as it stays under this line, the price could drop at least to 50.01 again.

LTC/USD Prediction!

A valid breakout through the downtrend line and above 52.30 activates a strong growth towards 55.55 and up to the upper median line (uml). A larger growth could be activated only by a valid breakout above these levels.