LTCUSD Price Technical Analysis – Quick Correction Done, Where to Next?

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LTCUSD Price Key Highlights

  • LTCUSD price made a strong upside breakout from its long-term consolidation pattern, indicating that bullish momentum is in play.
  • Price made a quick correction after its rally, finding support at 3.665 and the 100 SMA.

LTCUSD price is resuming its impulse wave and may be aiming for new highs around the 4.500 level or the Fibonacci extension levels.

Resistance at Previous Highs

Before LTCUSD price goes on to establish new highs, it might find a bit of resistance at the previous highs around 4.300. At the moment, the 100 SMA is holding as a dynamic support level and keeping short-term losses in check.

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Further gains past the previous highs could take LTCUSD price to the 76.4% Fibonacci extension, which lines up with the 4.500 psychological level. Increased bullish pressure could spur a move up to the 4.815 level.

Stochastic is on the move down, suggesting that bears could still hop in and trigger another pullback to the 100 SMA at 4.000. RSI, on the other hand, is heading up and showing that buyers are still going strong. In addition, the 100 SMA is above the 200 SMA, confirming that the path of least resistance is to the upside.

Intraday support level – 4.000

Intraday resistance level – 4.500

Charts from TradingView