FX.co ★ Litecoin shows oversold signs again

The price of Litecoin retreated a little in the short term but the bias remains bullish. It's trading at 97.61 at the time of writing. BTC/USD maintains a bullish bias despite temporary retreats, so further growth should help the altcoin to approach and reach new highs as well.

LTC/USD dropped by 7.62% from Wednesday's high of 102.65 to 94.83 yesterday's low. In the last 24 hours, Litecoin is up by 1.83% and by 5.70% in the last 7 days.

LTC/USD Bullish Bias!

LTC/USD maintains a bullish bias as long as it stays above the uptrend line. It has retested the uptrend line, registering only false breakdowns. It has failed to stay below the weekly pivot point of 95.93 as well indicating strong upside pressure.

Technically, the current flag pattern could announce an upside continuation. Only a valid breakdown below the uptrend line invalidates the bullish scenario.

LTC/USD Outlook!

A new higher high followed by a valid breakout above 101.38 should announce more gains ahead and offers a long opportunity.