ForexMinute.com — Litecoin continued to stay in a medium-term bias conflict, as price once again dived into the selling region. As we track the last few days, not a single trend has sustained well. In over the last 24 hours — before the crash — the Litecoin price action was lazy, a thing that could have inspired the shake hands to sell off their holdings to buy back at intraday low.
Speaking of us: we were able to draw some decent profits from range trading. When the crash appeared, we were also able to exit our positions quickly due to our pre-settled stop losses at right places. As we now enter another day of trading, let’s see which levels Litecoin might test today. Have a look:
Litecoin 4H Chart
As we can see the 4H BTC-e chart, we are in midst of the same range we discussed in our previous analysis, with 2.699 fiat serving as the in-term support and 2.877 fiat as the in-term resistance level. Our today’s intraday breakout analysis will be watching these two levels closely.
At first, we will look for price to attempt a rally towards the in-term resistance level. If it does so, we will enter a long towards 2.917 fiat, our medium-term upside target, by maintaining a stop near 2.850 fiat.
Looking the other way around, the continuance of prevailing bearish trend could lead us to place shot towards the in-term support. To place this trade, we would also look for price to break below the current intraday low near 2.758 fiat.