FX.co ★ Litecoin temporary retreat

Litecoin dropped a little in the short term, but it could be only a temporary one. It was trading at 87.55 at the time of writing. After such an impressive rally, a temporary retreat is natural. The price tries to test and retest the near-term support levels before jumping higher.

In the last 7 days, Litecoin is up by 13.65% and by 1.18% in the last 24 hours. Bitcoin's upside continuation could help the altcoin to jump higher as well.

LTC/USD imminent breakout

As you can see on the H4 chart, the LTC/USD failed to stay above the 90.08 former high and above the median line (ml) signaling exhausted buyers. Now, it has found support on the weekly pivot point of 85.93.

Staying near the median line (ml) may announce an imminent breakout. The 90.08 represents an upside obstacle.

LTC/USD forecast

A valid breakout above 90.08 and above the median line (ml) should confirm an upside continuation. Consolidating above these obstacles could bring new long opportunities.