- LTC/USD has formed a double bottom pattern pending an upside breakout.
- Litecoin price is still in danger of further downside corrections
A bullish momentum soothed the nerves of the buyers who have endured selling pressure since the beginning of the week. A brief relief value ensued slightly above the demand zone above $88.00 support zone. LTC/USD retraced to trade above the key resistance at $96.00, the bears did not allow higher corrections above the 50% Fib level with last high of $107 and a low of $89.1 close to $98.00.
Litecoin price has formed a double bottom pattern pending an upside breakout. The 38.2% Fib level which also coincides with the 50 SMA is limiting upwards movement. The MACD momentum indicator has sunk in the red zone but signals show a possible trend reversal. If the buyers can push the price above the 50% Fibo zone, LTC/USD could breakout above $100.
It has been a roller coaster ride for the traders and the investor with a surprise dip below $100. Litecoin is still in danger of further downside corrections unless it can recoil above the resistance at $100 and form a support.