Litecoin price analysis: LTC/USD breaks out to test $165, but retreats for a fresh start above $160

Litecoin price is forming another bullish flag pattern, upside capped below $165.

Indicators; the MACD and the RSI highlight a bear momentum in the short-term.

Litecoin price has tested the resistance level at $165 but still has not been able to break past the selling pressure. LTC/USD is up more than 5% in the last 24 hours on Thursday, although it lacks the catalyst to support the gains. The price is forming a second bullish flag pattern on the 15’ timeframe chart pending an upside breakout. Recently Litecoin sought refuge at $158, preventing further declines.

The moving averages on the same chart show bullish signals in the near-term as the weekend approaches. Other indicators like the MACD and the RSI highlight a bear momentum in the short-term. A growing bear momentum is in progress while $162 is an immediate support. Below this level, the bullish trend line will support the price. Moreover, the next targets on the downside are $160 and $158 respectively.

On the upside, LTC/USD will face resistance at $164 as it retraces its step upwards. Significantly, $165 is a major hurdle to the upside, but it also good to note that the bulls are looking forward to $170.

LTC/USD 15’ chart

 

 

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