Litecoin (LTC) continues to lead the altcoin market with a recent push to establish an even higher level of support and sustain trading in a new range against Bitcoin (BTC).
Litecoin’s Weekly Chart
When trading against Bitcoin (BTC), Litecoin (LTC) has respected each level and zone created by a simple Fibonacci Retracement measure.
Litecoin broke out in February following news that the altcoin project plans on implementing confidential transactions as some point in the future. This news pushed the BTC valuation of LTC through the 0.236 level, which it respected until pushing up through above the 0.382 level.
With an increased amount of hype slowly building around Litecoin’s block reward halving in August, the BTC price of LTC pushed through 0.5 on recent days — while making an attempt to break straight through to the range between 0.618 and 0.786. However, LTCBTC has found rejection at this level, and it remains probable that Litecoin will need to cool off a bit by consolidating in the lower range.