Forex analysis review

Forex analysis review

Litecoin upside reversal pattern activated

Posted: 15 Apr 2022 10:14 AM PDT

Litecoin edges higher on the H1 chart. The buyers are in full control, so the altcoin could approach and reach new highs. It's traded at 112.57 level at the time of writing far above 107.08 today's low.

LTC/USD increased by 6.50% from yesterday's low of 105.97 to 112.86 today's high. The price of Bitcoin escaped from a down-channel pattern signaling that the downside movement could be over. BTC/USD's potential growth could push the altcoins higher.

LTC/USD New Leg Higher!

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As you can see on the H4 chart, LTC/USD escaped from the major Falling Wedge pattern signaling a potential upside reversal in the short term. Now, it challenges the 112.33 and the ascending pitchfork's median line (ml).

Making a valid breakout above these levels could signal an upside continuation. The price action signaled that the buyers are very strong after failing to reach and retest the ascending pitchfork's lower median line (lml).

LTC/USD Prediction!

A new higher high, closing and stabilizing above the 112.33 and above the median line (ML) could confirm further growth and could bring new long opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

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