- Litecoin price recovered this past week after a bad streak, and if buyers gain control there is a chance of further upsides.
- The price is placed well above the 100 simple moving average on the 4-hours chart (data feed via Bitfinex), suggesting sellers struggled to keep the price down.
- There is a minor bearish trend line formed on the H4 chart, which if broken may take the price higher.
Litecoin price after finding bids near the $3.30 level traded higher. If buyers break the highlighted trend line then a move towards $4.0 is possible.
Litecoin Price – Buy with a break?
Litecoin price found bids this past week, and every downside move found buyers. There was a strong support formed near $3.30, which acted as a barrier for sellers. The price is currently trading higher and looking for a break higher. There is a bearish trend line formed on the 4-hours chart (data feed via Bitfinex), which is currently acting as a hurdle for more gains.
A critical point to note here is that the trend line is near the 50% Fib retracement level of the last wave from the $3.58 high to $3.30 low. The RSI is well above the 50 level, calling for more gains. A break above the trend line and resistance area could take the price towards the 76.4% Fib retracement level of the last wave from the $3.58 high to $3.30 low. The price may even head towards the $3.60 level if sellers step back.
On the downside, an initial support can be around the $3.40 level, followed by the most important area at $3.30.
Looking at the indicators:
4-hours MACD – The MACD is in the bullish zone, which is a positive sign for the bulls.
4-hours RSI – The RSI is above the 50 level, suggesting buyers are in control.
Intraday Support Level– $3.30
Intraday Resistance Level – $3.45
Charts from Bitfinex; hosted by Trading View
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.