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Litecoin ended its sell-off and now is trading at 84.27 far above yesterday's low of 81.77. Bitcoin's current growth helped the altcoin to rebound as well. It has increased by 3.23% from yesterday's low to 84.41 today's high.
Despite the current rebound, LTC/USD is still down by 1.86% in the last 24 hours and by 3.19% in the last 7 days. The buyers are still in the game but a larger growth is still far from being confirmed.
As you can see on the H4 chart, the rate dropped within a down channel. This could represent a bullish formation. The altcoin turned to the upside again after retesting the uptrend line.
The false breakdowns announced that the sell-off could be over. The weekly pivot point of 85.93 and the downtrend line represent upside obstacles and immediate targets.
A valid breakout above the downtrend line may announce a larger growth and is seen as a buying opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
