Litecoin experienced a notable volume that led its price to form new trading ranges. The silver coin is further maintaining its bullish outlook but, at the same time, is hinting a reversal in absence of enough upside volume to extend the prevailing bias.
Litecoin is pursuing a decent
rally towards the medium-term resistance level near 1.815 fiat. The
price meanwhile has risen above the 50- and 200-H SMA while, at the same
time, is aligned neatly with its 100-H trendline near 1.767 — also the
temporary resistance level. On the other hand, the 4H RSI is testing to
cross above 60 in order to establish a stronger bullish bias in the
market. The MACD indicator meanwhile is already inside the positive
territory. These technical indicators overall indicate a medium-term
bullish bias in the market.
As the market is further hinting a correction, our focus is neatly lying
on the in-term resistance level. A break below 1.815 indeed validates
1.908 as the primary upside risk, therefore bringing in enough long
opportunities above the in-term level.
