Litecoin has been bearish since finding resistance in March at 2.14. The 4H chart shows a market that made a price top around 2.00 when it fell below support at 1.97. Since the slide, the market has reached a low around 1.60. ltcusd has broken below the 200-, 100-, and 50-period simple moving averages (SMAs) in the 4H chart. Also, the moving averages have shifted from sloping up with bullish alignment to sloping down with bearish alignment. (Bearish alignment = 200- above 100- above 50-period SMAs).
As we begin the week, it looks like the bears in March are still in control of this cryptocurrency.
1) Price is still holding under the noted SMAs.
2) The RSI has been holding below 60, even 50, after tagging below 30. This is a sign that the bearish momentum is persistent and still in play.
The bears are even in control in the 1H chart.
In the 1H chart we are also seeing the moving averages in bearish alignment, though not as pronounced as in the 4H chart because price has flattened a bit since last week’s failure to extend below 1.60. Still, price is holding below the cluster of 200-, 100-, and 50-hour SMAs for the most part. Furthermore, the 1H RSI has held below 60 for the most part after tagging below 30, again showing maintenance and persistence of the bearish momentum.
If the market does not climb back above 1.73, litecoin would likely remain in a bearish market with pressure on 1.60. Below 1.60, ltcusd will open up the 1.10 low on the year with risk of extending to the 1.00 parity level.
If price climbs back above 1.73 however, bears in the near-term (1H chart) would have lost control, especially if the RSI climbs back above 60, or even 70 . This would put pressure back on the 1.80-1.82 resistance area.
If price climbs above 1.82 and the 4H RSI also climbs above 60, bears would lose control of the technical bias in the 4H chart as well, and there would be a bullish outlook at least in the short-term with the 2.00-2.14 area in sight.
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