ForexMinute.com — After trending strictly within a confined trading parameter, Litecoin price has finally pushed above its previously dominating resistance line. A part of this surge is considered to be influenced by Bitcoin, whose value has also surged impressively in over the last 24 hours. Overall, the currently volatility is offering some really decent trading opportunities. Look further to know more:
Litecoin 4H Chart
The 4H BTC-e chart displays Litecoin in a strong bullish channel, for its price is currently trending above its 50, 100 and 200H SMAs and the 4H RSI, too, has crossed above the buying threshold. The MACD indicator, on the other hand, is also maintaining the positive bias while staying above its signal curve.
As you can see, Litecoin has gone inside a new trading range, with the previous upside target near 4.739 fiat now serving as the current in-term support level and, similarly, 4.922 fiat serving as the new in-term resistance level. As a part of our intraday breakout strategy, we will be looking these levels during today’s session.
At first, we will wait for price to break above the current intraday high near 4.979 fiat to validate 5.211 as our primary upside target. On this trade, our stop loss will be near 4.836 fiat to exit our position on time, in case the bias is invalidated.
Having said so, an upside bias invalidation will put us short towards 4.739 fiat. An extended bearish momentum will further validate 4.363 fiat as our primary downside target. On this trade, our stop loss will be near 4.432 fiat.