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FX.co ★ Litecoin remains trapped sideways

Litecoin remains trapped sideways

Litecoin is dropping on the H4 chart at the time of writing as the price of Bitcoin dropped again after reaching a new high of 32,375. Technically, LTC/USD maintains a bearish bias despite temporary rebounds.

LTC/USD climbed by 15.38% from last's week's low of 60.40 to 69.69 today's high. Now, it's trading at 67.58 at the time of writing. In the short term, the altcoin could continue to move sideways.

LTC/USD Still Bearish!

Litecoin remains trapped sideways

As you can see on the H4 chart, LTC/USD failed to stay below the 64.06 level and under the downside line indicating exhausted sellers. Still, the bias remains bearish as long as it stays under the 73.16 and below the downtrend line.

After its rally, the price could come back down to test and retest the 64.06 level. Consolidation above this downside obstacle may announce a new bullish momentum.

LTC/USD Outlook!

Staying above 64.06 and making a valid breakout above 73.16 could activate further growth towards the downtrend line. This scenario could help the buyers to catch a new upside movement.

The upside scenario could be invalidated if the rate comes back below 64.06 and below the downside line.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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