After the reversal to the upside on October 23rd, Litecoin (LTC/USD) started drifting higher. After hitting the highest point in October, at 62.23, the crypto retraced slightly lower, found support near 54.10 and pushed back up again. This way, LTC/USD established a short-term tentative upside support line drawn from the low of October 23rd. The price is now testing that same 62.23 barrier, but is still struggling to overcome it. In order to consider a possible further move higher, we would like to see at least a close of a 4-hour candle above that barrier. This is why we will stay cautiously-bullish for now.
If eventually we get that close above the 62.23 hurdle, this might attract more buyers into the game and could lead LTC/USD to the next potential resistance area, at 66.95, marked by the high of September 24th. Initially, the crypto might stall around there, or even correct back down a bit. But as long as the price stays above the 62.23 zone, we will continue examining the upside, at least in the short run. Another rise could bring Litecoin to the 66.95 obstacle again, a break of which could set the stage for a further price-acceleration to the 70.52 level, marked by the low of September 22nd.
Our oscillators, the RSI and the MACD, continue to climb higher. The RSI is above 50 and points up. The MACD is above zero and its trigger line, and also points slightly to the upside. Both indicators suggest there might still be some upside left, at lest in the near term.
Alternatively, if the price breaks the aforementioned upside line together with the 56.88 hurdle, which acted as a strong support between October 30th and November 3rd, this could spook new buyers from the field and open the door for the crypto to move to the 54.10 zone. That zone marks the spike low of November 1st. If this time the 54.10 obstacle is not able to provide descent support and breaks, this may clear the path to the psychological 50.00 level, marked by the inside swing high of October 24th.
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