The Litecoin price continued to tail Bitcoin in its time of uptrend, and retested new higher highs — near 1.98 — during the 3/3 trading session. In later hours, the price went through a routine correction, and got dumped to as low as 1.92. This was the same time Bitcoin attempted a readjustment and fell to 276 from the intraday high 294. And now as the locomotive attempts yet another bounce back, its bogie Litecoin is doing something similar in the USD markets.
As you can see the technical indicators in the 4H OKCOIN chart above, the Litecoin price is comfortably trending in a bullish bias, with each and every movement predicting an uptrend continuation. As we can see:
- The Litecoin price is way above its 50-H MA.
- The RSI meanwhile is also situated in a strong buying area, with its head pointing sideways.
- The MACD blue curve, though hinting to diverge below the saffron signal curve, is still way too above the normal line; thus, confirming the prevailing bullish bias to continue until faced with strong upside risk.
As the previously presumed resistance near 1.95 has been clearly breached, there is a possibility that the area around this particular level may act as a reasonable and temporary support for continuing the prevailing bullish momentum. As you can the fib retracement bars in the chart above, the price seemed to have slowed down near 76.4% level 1.93. If the technical indicators are to be believed, the Litecoin price will hold its feet near this level and will attempt to jump above 2.00 — the psychological resistance — with an upside risk towards 2.09.
In case the Litecoin price leaks below the 1.93 support, it might found new grounds near 1.91.
From the look of it, entering the market in the 1.90-1.93 area is a good choice. Meanwhile, setting your stop losses near 1.89 will be a smart move in case the bullish bias invalidates.