ForexMinute.com — Last 24 hours in the cryptocurrency market saw Litecoin gaining upside momentum after dipping from the intraday peak of August 12th. Today, the price action is still towards north but seems to be losing momentum anyways. As far our range is concerned, we are revising it due to the absence of enough volatility and prevailing choppiness in price. Have a look:
Litecoin 4H Chart
The 4H BTC-e chart above shows Litecoin in a moderate bearish bias, for we can see the 50H SMA adjusting itself below the price, while the 100 and 200H SMAs are still far above from being tested. The 4H RSI, on the other hand, has leaped above 50, still maintaining the prevailing selling sentiment. The MACD indicator is also maintaining its negative bias, though the recent buyouts has pushed it above its signal curve.
With that said, we are definitely looking for price to regain its upside momentum and test the revised in-term resistance near 4.094 fiat. A break above this level, and we’ll enter a long towards 4.190 fiat, our medium-term upside target, as the part of our intraday breakout strategy. We would also place our stop loss near 4.048 fiat to exit the market in case the bias is reversed.
Looking at the other way around, a pullback from the upside targets will have us put a short toward 3.822 fiat, a level which has played support to many downward movements in past. With this level broken, we’ll put another short towards the in-term support level near 3.763 fiat. On these trades, our stop loss will be near 3.809 fiat.