In the 1H Litecoin chart, we can see a market that has been consolidating since last week when price action shook and created a range between roughly 1.61 and 1.81.
Litecoin (LTCUSD) 1H Chart 2/4/2015
(click to enlarge)
During this consolidation, price action has displayed bearish bias for the most part as ltcusd held under the 200-hour SMA, and for the most part under the 100-, and 50-hour SMAs as well. Meanwhile, the RSI has been holding below 60 after tagging 30.
Now as we get into the April 2nd session, price has rallied above the 100-, and 50-hour SMAs and is now threatening the 200-hour SMA. Also, price failed to reach the consolidation support, and the 1H RSI failed to tag 30. This shows lack of bearish momentum. A break above 1.68 would likely put the pressure back towards the 1.81 handle, given that it can hold above 1.65 on a subsequent near-term pullback.
Note, that this is only a near-term bullish outlook. However, if price starts to find support in the 1.70-1.72 area (central pivot area), we should start shifting expectations to a bullish outlook.
Litecoin (LTCUSD) 4H Chart 2/4/2015
(click to enlarge)
In the 4H chart, we can see that price is actually bearish. Note that litecoin is still trading under the 200-, 100-, and 50-period SMAs while the 4H RSI has been holding under 60 after tagging below 30 twice in March. This means that if price does not push above 1.68, or if it does and then falls back below 1.65, the pressure should remain towards the 1.60-1.61 low.
Then, if price breaks below 1.60, litecoin would open up the 1.10 low on the year.
However, if ltcusd extends towards 1.81, and breaks above this level with a subsequent pullback holding above 1.72, then we can expect further upside risk at least towards the 2.00 handle if not the 2.07 common high from early-mid-March.
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