Litecoin price set to print a very classical bullish pattern

Litecoin price shows ambition in reaction to the Fed’s interest rate decision. A bullish engulfing candlestick is one hour away from settling as the New York Session comes to end. The bullish engulfing candle will establish a more important morning star pattern on the daily chart. 

Litecoin price currently trades at $58.75. There is a slight uptick in transactions according to the Volume Profile Indicator. Additonaly the bulls have hurdled both the 8- and 21-day simple moving averages. If the technicals are correct a rally towards $70 could be underway. A breach above the $62 congestion zone could be the catalyst maker of the prospective move. 

LTC/USD Daily Chart

In the following video, our analysts deep dive into the price action of Litecoin, analyzing key levels of inerest in the market. -FXStreet Team