Litecoin price formed a short-term high near the $236 level against the US Dollar. LTC/USD is currently correcting lower towards the $205-200 support area.

Yesterday, we saw a decent upside move in litecoin price above the $200 level against the US dollar. The LTC/USD pair traded as high as $236 before it faced sellers and started a short-term downside correction.

The pair moved down and traded below the $220 support and the 23.6% Fib retracement level of the last wave from the $179 low to $236 high. The downside move was substantial as the price almost tested the $200-205 support area.

At the moment, it seems like there is a declining channel forming with resistance at $220 on the hourly chart of the LTC/USD pair. The current downside move seems to be corrective in structure as long as the price is above the $200 level.

The pair already tested the 50% Fib retracement level of the last wave from the $179 low to $236 high. It is a positive sign, but the price has to break the channel resistance at $220 to gain upside momentum. Read more from ethereumworldnews.com…

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