Litecoin market overview: LTC/USD retreating from $100 – Will the 61.8% Fib level hold?

LTC/USD like other cryptocurrencies took advantage of the recent Bitcoin price to trade new 2019 highs slightly below $100. The surge that commenced on Tuesday used $60.00 as a pedestal. A struggle ensued at the 23.6% Fib retracement level between the last swing high of $99.61 and a swing low of $60.62 close to $70.00. The Bulls extended the gains above the rising trendline and Litecoin traded higher highs and higher lows.

Following the break above $95.00, LTC/USD swung up towards $100.00 but formed a high at $99.61. There was a slide from the 2019 highs with Litecoin dropping below the 100 SMA 1-hour and the 50 SMA 1-hour. However, the bulls found solace at the 38.2% Fib retracement level paving the way for another upside correction that hit a snag at $90.00.

At press time, Litecoin is trading at $86.83 and the upside is limited below the 50 SMA 1-hour and the 100 SMA 1-hour. The MACD 1-hour has recovered from the levels around -1.772 and is now ranging at the mean line (0.0). A weak bullish momentum is making headway above the 61.8% Fibo while all the buyers have their eyes on $100.00. The support at the 61.8% Fib level is still in danger especially if Litecoin fails to retrace above $90 in the afternoon (GMT) session.

LTC/USD 1-hour chart