ForexMinute.com — After dropping to its two-week low near 2.761 fiat, Litecoin has definitely displayed a steady recovery. However, the price action has mostly been slow and lazy regardless of the Bitcoin’s volatile pump in recent days. As it seems, the top cryptocurrency — this time — has a little influence over its silver counterpart.
In the meantime, Litecoin is still unable to break above its key resistance level, which it continued to test even in the last 24 hours. This has maintained an overall bearish bias in the market. The absence of enough trading volume is another thing that has kept price from progressing towards further upside targets.
We are, therefore, playing between the same range we discussed in our previous analysis. The profit margins have been low but, then again, has low risks over them. As we now enter another day of trading, let’s see how Litecoin is hoping to play out:
Litecoin 4H Chart
The price is currently in midst of the yesterday’s range, with 2.882 fiat serving as the in-term resistance and 2.761 fiat as the in-term support level. We are hoping price to remain between these parameters today.
As a part of our intraday breakout strategy, we would first be waiting for price to break above 2.882 fiat to establish 2.921 fiat as our medium-term upside target. A further momentum and we’ll enter a similar position towards 2.959 fiat. In both the case, our stop loss will be maintained near 2.855 fiat.
Looking the other way, a run towards 2.802 fiat — our temporary support level — would have us put short towards the in-term support line. A further break and we’ll enter a similar position towards 2.726 fiat. On this trade, our stop loss would be near 2.784 fiat to maintain the overall reward profile.