FX.co ★ Litecoin: falling wedge in play

LTC/USD was in a corrective phase in the short term, but the sell-off seems over. The price action developed a bullish pattern, but this formation still needs confirmation. It has increased by 5.21% from 87.39 Moday's low to 91.91 today's high.

BTC/USD's rebound helped the altcoin to bounce back as well. In the last 24 hours, LTC/USD is up by 2.01% but it's down by 1.92% in the last 7 days.

LTC/USD Sell-Off Stopped!

From the technical point of view, LTC/USD found support on the 61.8% (87.87) retracement level and now it tries to rebound. As you can see on the H4 chart, the rate challenges the Falling Wedge's resistance.

Taking out the downtrend line may announce that the downside movement ended and that the buyers could take it higher.

LTC/USD Forecast!

A valid breakout above the downtrend line may announce a new swing higher. This scenario brings new longs.