Litecoin Price Analysis: Just a retracement?

The LTC/USD price bounced off the 38.2% Fibonacci retracement to move higher.
The previous wave high will now be the target to beat for the bulls.

Rajan Dhall, MSTA FX Daily

LTC/USD 4-Hour Chart

Litecoin has retraced over the last few sessions but found some support at the 38.2% Fib level.

The level coincided with some previous support and historically has been a sticky point for the price.

Elsewhere, if that level breaks the 50% level could also act as a support level too.

Now if the bulls regain control of LTC/USD the previous wave high of 84.50 should be the target to beat.

On a longer-term basis, if a lower high wave is made then the bulls might start to worry.

Additional Levels

LTC/USD

Overview
Today last price	71.856
Today Daily Change	-2.9171
Today Daily Change %	-3.90
Today daily open	74.7731

Trends
Daily SMA20	72.7701
Daily SMA50	59.4813
Daily SMA100	53.6332
Daily SMA200	60.8705

Levels
Previous Daily High	80.6896
Previous Daily Low	67.5225
Previous Weekly High	84.4232
Previous Weekly Low	72.4372
Previous Monthly High	70.0854
Previous Monthly Low	38.7677
Daily Fibonacci 38.2%	72.5524
Daily Fibonacci 61.8%	75.6598
Daily Pivot Point S1	67.9673
Daily Pivot Point S2	61.1614
Daily Pivot Point S3	54.8002
Daily Pivot Point R1	81.1343
Daily Pivot Point R2	87.4954
Daily Pivot Point R3	94.3013

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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