Litecoin price analysis: LTC/USD retreats from intraday high; retains bullish bias

• LTC/USD needs to move  above $72.00 to resume the recovery.
• The strong short-term support is created on approach to $70.50.

Litecoin jumped to $73.23 during early Asian hours only to retreat to $71.04 by the time of writing. The fifth-largest digital asset with the current market value of $4.5 has gained nearly 4% in recent 24 hours and 2.5% since the beginning of the day as a sustainable move above $70.00 increased the upside pressure on the price.

Litecoin’s technical picture

The initial support awaits LTC at $70.50. It is created by the middle line of 1-hour Bollinger Band and closely followed by psychological $70.00. A sustainable move below this handle will open up the way towards strong support area of $68.50 created by a  confluence of SMA100 (Simple Moving Average) 1-hour and the lower line of 1-hour Bollinger Band.

On the upside, we will need to see a recovery above $72.00 to get LTC back on the recovery track. However, this area is guarded by the upper line of the 1-hour Bollinger Band. Even stronger resistance is seen on approach to $73.00 (the upper line of 4-hour Bollinger Band) and $73.80 (SMA200 4-hour).

LTC/USD, 1-hour chart