Litecoin is trading at 172.87 and is pressuring a dynamic resistance. It seems that the downside movement has ended and now it could approach and reach new highs.
Bitcoin increased as well, so the altcoins could start increasing as well. The crypto market tries to recover after losing significant ground. LTC/USD moves somehow sideways signaling that the downside movement is over.
LTC/USD Turned To The Upside!
You can see that the rate has retested the broken dynamic resistance. Now is back above the weekly pivot point (166.24) and is pressuring the downside 50% retracement level. Closing above it could really signal a potential growth towards the $200 psychological level.
Technically, its failure to come back towards the lower median line (LML) signals strong buyers and a leg higher towards the median line (ML).
Outlook!
Jumping and retesting the weekly pivot point signals strong buyers. Closing above 176.62 today's high could activate a strong upside momentum. The 200.00 psychological level and the descending pitchfork's median line (ML).
The material has been provided by InstaForex Company - www.instaforex.com