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Litecoin price continued rising yesterday and earlier today to record a high of $1.95 on Bitfinex today, as we predicted during yesterday’s analysis. As the resistance level at the 62% Fibonacci retracement has been already been broken, litecoin price is likely to continue rising as the market’s buying volume continues to increase.
By studying the 4 hour Bitfinex (LTC/USD) chart from tradingview.com, keeping the Fibonacci retracement levels we plotted throughout yesterday’s analysis and plotting the William’s Alligator indicator accordingly (look at the below chart), we can conclude the following:
- We can now detect a new bullish trend forming as shown by the 2 orange trend lines on the below chart. Accordingly, litecoin price is continuing to score higher highs. The new bullish trend is characterized by short bullish bouts that last for 2-4 hours followed by longer price correction waves that usually pull the price down to 50% of the proceeding rise.
- The alignment of the SMAs of the William’s Alligator indicator signals continuation of the current bullish wave as the red 13 period SMA (teeth) is below the green 8 period SMA (jaw) and the blue 21 period SMA (lips) is below both of them.
By studying the 1 day Bitfinex (LTC/USD) charts from tradingview.com, plotting the 20, 50 and 100 day EMAs and calculating the RSI and the On-Balance Volume (OBV) oscillator, we can conclude the following:
- Litecoin price is now above the 20 day and 50 day EMAs after being below both for a relatively long period.
- The value of the RSI is now around 58 and rising, so litecoin is not overbought and we can see it rise to higher levels.
- The OBV is sloping in an upward direction which confirms the big buying volume of the market, so we can see the price rise to $2.00 within the next 24 hours.
Conclusion:
Litecoin price continued rising today to score a high of $1.95. Our technical analysis predict the price to rise further to reach the $2.00 level within the next 24 hours.
Charts from Bitfinex
