LTCUSD Price Key Highlights
- LTCUSD price reached its Fibonacci extension target indicated in an earlier article after completing a corrective wave then resuming the climb.
- From there, another pullback opportunity emerged, as the pair could retreat to the area of interest at 4.265.
LTCUSD price has been gaining bullish momentum, forming its second bullish wave and making another correction to the 50% Fibonacci level.
Larger Pullback to Trend Line?
These strong rallies could inspire sudden profit-taking, especially ahead of top-tier data releases from the US later this week. A larger correction might be possible, with the rising trend line and 61.8% Fib likely to be the line in the sand for the uptrend retracement.
The 100 SMA lines up with the trend line, adding to its strength as a potential support zone, and is above the 200 SMA. This confirms that the path of least resistance is to the upside and that further gains are likely.
Stochastic is on the move down but is nearing the oversold region, which suggests that the correction might be over soon, allowing LTCUSD price to bounce back to the swing high at 4.847. RSI is just making its way out of the oversold area, which means that sellers are just getting started.
Intraday support level – 4.125
Intraday resistance level – 4.850
Charts from TradingView