Litecoin is trading in the green at the time of writing at the 361.32 level. The rate registered an aggressive sell-off as Bitcoin decreased as well. Still, the price is trading above strong support levels, so the bias remains bullish.
The current decline could be only a temporary one if BTC/USD starts increasing again. The outlook is bullish despite the most recent drop. Any reversal pattern around the support levels could bring a new long opportunity.
LTC/USD Still In The Buyers Territory!
LTC/USD dropped after failing to stabilize above the ascending pitchfork's upper median line (uml) or to approach and reach the R1 (429.13). The sell-off was stopped by the weekly pivot (348.84) and by the median line (ml).
Its failure to reach the 335.35 static support is signaling strong buyers in the short term. Also, the rejection from the confluence area between the median line and the pivot point could send the rate higher.
Outlook!
Litecoin could increase again and resume its upward journey only if it stays above the median line (ml). Closing again above 364.55 could indicate further growth in the short term.
Dropping and stabilizing below the median line and under the weekly pivot (348.84) could indicate a further decline towards the lower median line (lml) and deeper to S1 (308.12).
The material has been provided by InstaForex Company - www.instaforex.com