FX.co ★ Litecoin challenging 70.59 resistance

Litecoin rallied in the short term and now is located at 70.50 at the time of writing. The bias is bullish in the short term as the price of Bitcoin rallied. Bitcoin's further growth should help the altcoin to develop a larger swing higher.

The altcoin is up by 2.87% in the last 24 hours and by 2.59% in the last 7 days. Still, an upside continuation needs confirmation.

LTC/USD Strongly Bullish!

As you can see on the H1 chart, the rate jumped above the downtrend line and now it challenges the former high of 70.59.

Taking out the downtrend signaled that the downwards movement ended and that we may have an upside reversal.

Litecoin Forecast!

Jumping and closing above 70.59 and most importantly above the 50% Fibonacci line of the ascending pitchfork indicates further growth and brings a new long opportunity.