The traders’ logic is the same on any market. The expectations and fears regarding any price are represented by the graph itself. But is there a direct connection between the BTC/USD and LTC/USD prices?

After a downward movement Litecoin has switched to an upward trend, just as Bitcoin did. This similarity between trends is mostly dependent on USD quoting. After stopping at a long-term level of $3.12, the sellers have started closing their positions, which enabled the buyers to form an upward trend.

LTC/USD price chart 1

After breaking through the medium-term level of $3.24, the buyers have held their positions on it. The LTCUSD price continued its upward movement.

LTC/USD price chart 2

It’s worth noting that Litecoin has stopped exactly at the resistance level, where the change of cycles happens. That is the level of $3.4. At that point the buyers have started leaving the market and gave the advantage to the sellers, which has caused a downward trend.

Medium-term trend-wise, the two important resistance levels are $3.38 and $3.25.

It’s entirely possible for the market to break the downward trend which has started at $3.55. For this to happen, the buyers would have to fortify at the level of $3.38. The structure of the third wave will indicate further movement.

LTC/USD price chart 3

For a continuation of the downward trend, it’s necessary to break through the resistance of $3.25 and fortify on it. The potential of such trend can move the Litcoin price to a minimum of $2.97.

LTC/USD price chart 4

When planning both the mid-day and medium-term tactics, it’s very important to pay attention to two key medium-term resistance levels of $3.38 and $3.25 (BITFINEX). These two levels are most likely to cause a trend change.