The recent upward move was such that the price broke the 76.4% Fib retracement level of the downward move from the $66.60 swing high to $61.07 swing low. Recently, bitcoin and ETH corrected lower, but litecoin remained well bid above the $65.00 level.
The price is now trading nicely above the $66.00 level and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $63.00 on the 4-hours chart of the LTC/USD pair.
An initial resistance is near the $67.90 and $68.0 levels. The first major resistance is near the $70.00 level. The stated $70.00 hurdle is also close to the 1.618 Fib extension level of the downward move from the $66.60 swing high to $61.07 swing low. Any further gains could lead the price towards the $72.00 resistance level in the near term.
Dips Limited in LTC?
If litecoin starts a downside correction, it might find a strong buying interest near $65.00. The next major support for the bulls is near the $63.00 level and the highlighted bullish trend line on the hourly chart.
Any further losses may perhaps send the price towards the $60.00 support or the 100 simple moving average (4-hours) in the near term. Below $60.00, the price is likely to move into a bearish zone.
4-hours MACD – The MACD is now gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently rising and it is well above the 55 level.