Litecoin (LTC/USD) decreased in the short term after failing to reach the 247.00 higher high. It has come back down as the price of Bitcoin has slipped lower as well. The crypto has retested a broken dynamic resistance and now it starts increasing.
The outlook is bullish so LTC/USD may resume its uptrend as the retreat seems over. Litecoin may increase if Bitcoin will resume its major uptrend after the current temporary decline.
LTC/USD Trading In The Green!
LTC/USD found resistance right above the 250% Fibonacci line and right below 247.00 static resistance. It has retested the broken downtrend line and now it could jump above the 250% line.
The bias remains bullish as long as the crypto is traded above the uptrend line. Now is traded far above this dynamic support, so it could try to jump higher after the minor decline.
LTC/USD Forecast!
The current decline could help the bulls to catch a new upside momentum. Jumping and stabilizing above the 250% line may signal further growth.
We may have a great long entry if the price jumps and stabilizes above 247.00 static resistance. The upside scenario could be invalidated only if the price drops below the uptrend line and under 200 psychological level.
The material has been provided by InstaForex Company - www.instaforex.com