The price of Litecoin transacted $215 before starting a weakness rectification contrary to the US Dollar. LTC/USD is now less than 100 SMA and is transacting in a series more than $180.
Key Talking Points
1. For a short period the price of Litecoin went up near the level $215 and had a fall against the US Dollar.
2. On the hourly graph of LTC/USD pair there was a break less than a rising network with support at $204.
3. Now the LTC/USD pair is less than 100 hourly simple moving averages and is at the level $170-175 support.
Litecoin Price Forecast
In the last week there was a very little regain introduced above $180 in Litecoin price against the US Dollar. The LTC/USD pair transacted more than the $200 level and turned into the strong area. Although the LTC/USD pair had a heavy selling interest close to $215 and began to fall. It transacted less than the 23.6% Fib backtrack level of the last upside move from the $138 down to $216 up.
The important thing is, there was a break less than a rising network with support at $204 on the hourly graph. The LTC/USD pair went less than the $200 support and the 100 hourly moving averages. Now, the LTC/USD pair is at the 38.2% Fib retracement level of the last upside move from the $138 down to $216 up. The possibility is, it may go a few points up, but the $200 level and the 100 hourly SMA may be an obstacle for the buyers.
If the price goes above $200, it could retest the $215 level. In the short period of time, it is possible to have a push towards the $175-180 support area on the downside. It is an important support and gives the 50% Fib retracement level of the last upside move from the $138 down to $216 up.
It looks like the price is transacting in a range more than the $180 level and less than the $215 opposition. Before trying to break the $215 opposition, the LTC/USD pair may continue to trade in the stated range. On the downside, the $175 level is a reel area, and has the support around to the $140 swing low.
