Litecoin Price Analysis: LTC/USD is Back in Uptrend
It broke the 23.6% Fib retracement level of the last wave from the $155 low to $175 high. However, there is a major bullish trend line forming with support at $167 on the hourly chart of the LTC/USD pair.
The same trend line is positioned above the $165 support. Moreover, the 38.2% Fib retracement level of the last wave from the $155 low to $175 high is also near $167. Therefore, the $165-167 zone is a major support area for the current wave.
Below $165, the previous major resistance near $162 may perhaps act as a support. It is also the 50% Fib retracement level of the last wave from the $155 low to $175 high.
On the upside, the recent high of $175 is a short-term support. If the price continues to hold the $165 support, there are chances of it retesting $175. Above $175, the price may move towards the $190 resistance level.
The overall price structure for LTC price is bullish above $165.
Trade safe traders and do not overtrade!