Litecoin Price Analysis: LTC/USD Nosedives Below $160
It traded as low as $149.96 and is currently correcting higher. The price has moved above the 23.6% Fib retracement level of the last decline from the $169 high to $149 low. Moreover, there was a break above a short-term connecting bearish trend line with resistance at $155 on the hourly chart of the LTC/USD pair.
The pair is currently making a decent upside recovery above $150, but it is facing many hurdles on the upside. The first hurdle is near $160, which was a support earlier. It also represents the 50% Fib retracement level of the last decline from the $169 high to $149 low.
Above $160, the price could face a strong selling interest near $170. Therefore, any major recovery from the current levels is likely to face hurdles on the upside near $160 and $170.
On the downside, the $150 support holds the key. A break below the mentioned $150 support could initiate more declines towards the $135-140 support area in the near term.[/i]
[i]Trade safe traders and do not overtrade!