Litecoin (LTC) – bulls eyeing the highs from October

Litecoin (LTC) – bulls eyeing the highs from October

Litecoin (LTC) – Short-term analysis

Litecoin (LTC) gained momentum around the support area formed by the Fibonacci retracement level of 38.2% at $186.07. The bulls are now eyeing the highs from October 21 at $214.53, where they could attempt a breakout in order to clear the ground and extend the rally towards the psychological level of $250.

The TD Sequential indicator also helped strengthen the bullish scenario by providing a demand area around $175 at the end of October, which suggested an interest in the buyers to avoid any sellers’ attempt to regain control of the price action.

Still, in case that LTC cracks below the Fibonacci retracement level of 38.2% at $186.97, doors will open for the cryptocurrency to plunge towards the 61.8% Fibo retracement level at around $168.49, where it could catch bids. However, if it gives up, LTC could extend the downside towards the lows from September 28 at $140.03, something that could be favored by the RSI indicator in case that it turns overbought at the H4 chart.