FX.co ★ Litecoin: upside continuation pattern

The price of Litecoin rallied and now is trading at 76.80 at the time of writing. The price action developed an upside continuation formation. Activating this pattern could bring new long opportunities. The altcoin turned to the upside as the price of Bitcoin jumped higher as well.

LTC/USD increased by 10.01% from yesterday's low of 70.50 to 77.56 today's high. After its strong growth, a minor retreat was natural. Technically, the price action signaled upside pressure.

LTC/USD Flag Formation!

As you can see on the H4 chart, LTC/USD developed a minor down channel which could represent an upside continuation pattern. It has failed to stay below the weekly pivot point of 72.47 and under the 73.29 - 74.29 area signaling exhausted sellers.

The downtrend line and 79.60 represent upside obstacles. Still, in the short term, we cannot exclude a minor retreat. The rate could come back to test and retest the immediate support levels before jumping higher.

LTC/USD Forecast!

A valid breakout above the downtrend line and through 79.60 activates further growth and brings new long opportunities.