ForexMinute.com — The optimism around the Litecoin halvening is visibly losing out to Bitcoin’s sluggishness. In over the past 24 hours, the silver cryptocurrency is seen continuing to its prevailing sideways pattern amid very low volatility. It is very much similar to what we have seen in Bitcoin market, where price action has been slow and flat.
The current movements, meanwhile, are offering very little in terms of trading. The narrow range is ensuring high risk and low reward profiles. Our intraday breakout strategy is also watching the current parameters to ensure a safe and sound trade. But for now, we are sincerely waiting for a breakout to make our move in this untrustworthy scenario. Have a look at the chart to know more:
Litecoin 4H Chart
The 4H BTC-e chart above displays Litecoin in a bearish bias, for the price is still trending below its 200, 100 and 50H SMAs. The 4H RSI, meanwhile, has sunk below 40 in recent days, indicating a strong selling pressure inside the market. The MACD indicator is also maintaining its negative bias from a long time, showing no mood to test the normal line.
As the price continues to stay sluggish, the intraday range we are watching today has 2.699 fiat serving as the in-term support, and 2.980 fiat serving as the in-term resistance level.
At first, we are looking for Litecoin to test the in-term support line which, if broken, would have put a short towards 2.620 fiat. On this trade, our stop loss would be maintained at 2.728 fiat to ensure a timely exit in case the price bounces back.
Conversely, a run towards the in-term resistance level would validate 3.049 fiat as our medium-term upside bias. On this trade, we would be placing our stop loss at 2.947 fiat.