Litecoin's price increased further and reached a new weekly high for $ 69.24 against the US dollar. LTC / USD is correcting lower, but the dives remain supported near $ 66.20.
Key Talking Points
· Litecoin's price made a nice upward move and exceeded the $ 69.00 (Kraken Data Feed) level against the US dollar.
· This important uptrend line followed this week is still in place with the current $ 66.20 support on the LTC / USD pair hourly chart.
·  The LTC price will probably increase the gain once the current correction near to $ 66.20 is completed.
Yesterday, we discussed that the litecoin price could trade at a new weekly high above the $ 68.00 level against the US dollar. The LTC / USD was traded higher and traded at a new weekly high at $ 69.24 before the sellers emerged
Looking at the chartthe LTC price broke $ 67.50 and $ 68.00 resistance levels to go higher. The upward move was strong when the price was traded close to the $ 70.00 level and reached $ 69.24.
Next, there was a downward correction and the price fell below the 23.6% Fibra retracement level of the recent wave from the low of $ 64.32 to High $ 69.24 . A couple of important supports are approaching above the $ 66.00 level.
Initial support is close to $ 66.80 and the 50% Fibra retracement level of the recent wave from the low of $ 64.32 to $ 69.24 high. There is also a bullish uptrend line with support for $ 66.80.
More importantly, this important uptrend line followed this week is still in place with current support at $ 66.20 on the hourly chart of the LTC / USD pair. The 100-hour moving average is also around the trend line at $ 66.20, which is likely to act as a strong support.
Therefore, if the price continues to fall, it may find support near the $ 66.20 and $ 66.00 levels. Once the current correction is completed, the litecoin price is likely to rise higher above the $ 69.00 level to test or break the $ 70.00 level.
Market data is provided by TradingView.