- LTC/USD bulls managed to breakout from a descending channel pattern formation.
- Eyes are on a fast-move back towards $50 level, support eyed at $42.30.
The Litecoin price was seen nursing losses of some 2.3% in the latter stages of trading on Thursday. Bulls managed to cover some of the early damage in the session. Perhaps the market bears ran over-exhausted indeed.
LTC/USD price action formed a descending channel pattern formation, as observed via the 60-minute chart view. Bulls managed to penetrate the upper trend line enough, to force a breakout to the upside. This leaves the door open for the bulls to further capitalize.
Given the breakout of the above-mentioned pattern formation, it gives LTC/USD further opportunity to recover some losses. Eyes are on the potential for a fast move back towards $50, there isn’t much in the way of that level. Support should now be noted above the broken channel, tracking at $42.30.
LTC/USD 60-minute chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.