FX.co ★ Litecoin targeting 90.08 key level

LTC/USD rallied since yesterday and now is trading at 84.92. The bias is bullish in the short term, so further growth is natural. Bitcoin's strong growth forced the altcoins to hit new highs as well. Litecoin increased by 12.32% from yesterday's low of 75.71 to 85.04 today's high.

Litecoin is up by 11.03% in the last 24 hours and by 9.23% in the last 7 days. You knew from my previous analysis that LTC/USD could jump higher after the last consolidation.

LTC/USD Strongly Bullish!

As you can see on the H4 chart, LTC/USD registered an aggressive breakout through the 78.48 range resistance and above the median line (ml), activating an upwards movement. I've talked about this scenario in the previous analysis.

Now, it has ignored the upper median line (uml) which represents an upside obstacle and it is challenging the weekly R2 (84.69).

LTC/USD Outlook!

Consolidating above the upper median line (uml) should announce further growth towards the warning line (wl1). The 90.08 former high represents a major target if the rate continues to grow.