FX.co ★ Litecoin: bullish formation

Litecoin ended its sell-off and now is trading at 84.27 far above yesterday's low of 81.77. Bitcoin's current growth helped the altcoin to rebound as well. It has increased by 3.23% from yesterday's low to 84.41 today's high.

Despite the current rebound, LTC/USD is still down by 1.86% in the last 24 hours and by 3.19% in the last 7 days. The buyers are still in the game but a larger growth is still far from being confirmed.

LTC/USD Uptrend Intact!

As you can see on the H4 chart, the rate dropped within a down channel. This could represent a bullish formation. The altcoin turned to the upside again after retesting the uptrend line.

The false breakdowns announced that the sell-off could be over. The weekly pivot point of 85.93 and the downtrend line represent upside obstacles and immediate targets.

LTC/USD Outlook!

A valid breakout above the downtrend line may announce a larger growth and is seen as a buying opportunity.