Litecoin (LTC) inched higher on Thursday, increasing the price of cyrptocurrency to more than 51.00 despite hawkish minutes from the Federal Open Market Committee (FOMC) monetary policy meeting. The technical bias shall however remain bearish because of a lower low in the recent downside move.
Litecoin Technical Analysis
As of this writing, the cyrptocurrency is being traded around 51.05. A hurdle can be noted near 57.13, the high of 27th September ahead of 58.00, the confluence of psychological number as well as horizontal resistance and then 62.65, the 50% fib level as demonstrated in the given below chart.
On the downside, a support can be noted around 48.81, an immediate trendline support ahead of 44.00, the psychological number as well as horizontal support area and then 32.38, the low of 15th September as demonstrated with green color in the given below chart. The technical bias shall remain bearish as long as the 62.65 resistance area is intact.
Hawkish FOMC Minutes
Federal Reserve officials see the economy expanding at a steady clip and indicate that an interest rate hike later this year is a near lock, despite some divisions over where inflation is headed.
Minutes from the September meeting of the policymaking Federal Open Market Committee show members anticipating that the factors slowing down inflation will pass. The expectation is that inflation will hit the 2 percent target the central bank believes is consistent with healthy growth.
In conjunction with those sentiments, the FOMC indicated that a third increase in 2017 of its benchmark funds rate is warranted. Traders broadly expect the Fed to hike in December. Just a month or so ago, traders in the federal funds futures market gave little chance to another move in 2017.
Considering the overall technical and fundamental outlook, buying the LTC cyrptocurrency around current levels may be a good strategy in short to medium term.