16.09.2019

Litecoin Price Analysis: LTC/USD Could Surpass $70 Soon

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Litecoin price climbed further higher and traded to a new weekly high at $69.24 against the US Dollar. LTC/USD is correcting lower, but dips remain supported near $66.20.

Key Talking Points

·         Litecoin price made a nice upside move and traded above the $69.00 level (Data feed of Kraken) against the US Dollar.

·         This week’s followed important bullish trend line is still in place with current support at $66.20 on the hourly chart of the LTC/USD pair.

·         LTC price is likely to move higher once gain once it completes the current correction near $66.20.

Litecoin Price Forecast

Yesterday, we discussed that litecoin price could trade to a new weekly high above the $68.00 level against the US dollar. The LTC/USD pair did trade higher and traded to a new weekly high at $69.24 before sellers emerged.

Litecoin Price Analysis: LTC/USD Could Surpass $70 Soon

Looking at the chart, LTC price broke the $67.50 and $68.00 resistance levels to climb higher. The upside move was strong as the price traded close to the $70.00 level and formed the $69.24 high.

Later, there was a downside correction and the price declined below the 23.6% Fib retracement level of the recent wave from the $64.32 low to $69.24 high. It is now approaching a couple of important supports above the $66.00 level.

An initial support is near $66.80 and the 50% Fib retracement level of the recent wave from the $64.32 low to $69.24 high. There is also a connecting bullish trend line with support at $66.80.

More importantly, this week’s followed important bullish trend line is still in place with current support at $66.20 on the hourly chart of the LTC/USD pair. The 100 hourly simple moving average is also around the trend line at $66.20, which is likely to act as a strong support.

Therefore, if the price continues to move down, it could find support near the $66.20 and $66.00 levels. Once the current correction is complete, litecoin price is likely to climb higher back above the $69.00 level to test or break the $70.00 level.

The market data is provided by TradingView.

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