Litecoin price remained around the $2.00 level throughout today’s trading sessions. Litecoin traded midway between the 23.6% and 38.2% Fibonacci retracement levels, during most of today’s sessions, as per the trend line we spotted through our analysis on the 10th of March.
By studying the 4 hour Bitfinex (LTC/USD) chart from tradingview.com, plotting the William’s Alligator indicator and keeping the Fibonacci retracement levels we plotted on the 10th of March (look at the below chart), we can conclude the following:
- On the 10th of March, litecoin price rose to test the 23.6% Fibonacci retracement level at $2.12; however, this level resisted further advance in price.
- After printing a high of $2.14 on the 10th of March, the market attempted to correct the price by pulling it down to $1.97 on the 14th of March.
- The SMAs of the William’s Alligator are about to exhibit a bullish alignment as the green SMA (jaw) is about to cross over the blue SMA (lips), so that the red 13 period SMA will lie between the blue 21 period SMA below and the green 8 period SMA on top. If this alignment can be seen during the following few hours, we can see litecoin price rise again to test the resistance at $2.12 soon.
By studying the 1 day Bitfinex (LTC/USD) chart from tradingview.com and plotting the MACD and Vortex indicators (look at the below chart), we can notice the following:
- The MACD indicator is in the positive territory and the blue MACD line has just crossed above the red signal line so we can expect another bullish rally within the next 24 hours.
- The Vortex indicator signals a bullish wave as the blue uptrend line is traveling above the red downtrend line.
Conclsion:
Litecoin price has been trading today around $2.00. Our technical analysis predicts a bullish wave that can push the price up to test the $2.12 resistance level within the next 24-48 hours.
Charts from bitfinex