The mighty bulls are back! After taking adequate rest and catching enough breath, they have made a powerful comeback and exposed the frailty of the short-sellers. Backed by strong sentiments, Litecoin is now challenging a crucial resistance level.
Litecoin is currently trading up 2.8% at $1.865.
From a technical perspective, things look very positive for the virtual currency. An analysis of the 240-minute LTC-USD price chart tells that Litecoin should threaten previous tops unless bulls lose complete control of the situation.
Litecoin Chart Structure – A closer look at the chart reveals that post hitting the recent high of $1.989, Litecoin struggled to sustain above $1.865 on numerous occasions. The virtual currency is yet again attempting to break above this level and start a fresh leg of the rally.
Fibonacci Retracements – The cryptocurrency had been respecting the 38.2% Fibonacci retracement level of $1.791 as a support level while the 23.6% Fibonacci retracement level of $1.867 proved to be a tough hurdle to cross. If bulls manage to overcome the selling pressure at this juncture, upside targets of