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Litecoin seems determined to come back higher after registering a false breakdown below the $117.58 lower low. The cryptocurrency could increase if the price of Bitcoin will jump higher after printing a pin bar.
Technically, a temporary decline was somehow expected before really developing a strong upwards movement. Still, in the short term, LTC/USD could move sideways before really deciding to come back higher.
Litecoin is trading in the green at 132.35 level and it could jump higher as long as it stands above 117.58 and above within the ascending pitchfork's body.
Personally, I would like to see a test and retest of these support levels before jumping higher. In my opinion, LTC/USD needs more bullish energy before developing an important upwards movement.
Its false breakdown through 117.58 and failing to stay below the downtrend line represents a bullish signal. Moving sideways and making a new higher high, a valid breakout above the S1 (138.74) could bring us a new long opportunity.
The median line (ML) of the ascending pitchfork could is seen as a major upside target.
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