ForexMinute.com — After establishing a strong bottom near 3.853 fiat, Litecoin has comprehensively been on a corrective route. The upside momentum however has faced a few bumps, the very recent being yesterday where the price action reversed abruptly upon establishing an intraday peak near 4.362 fiat. And as it looks, the said reversal was influenced by the Bitcoin’s recent price action.
Nonetheless, Litecoin is still respecting its new range despite the current choppiness. The price is currently in midst of it, serving 4.126 fiat as in-term support and 4.363 fiat as in-term resistance level. Our intraday breakout strategy will also be eying these levels while flagging our entry/exit levels. Have a look:
Litecoin 4H Chart
As you can see the chart, we are currently in midst of this new range and is now waiting for price o establish a near-term breakout by invalidating either of the said levels. At first, we would be waiting for Bitcoin to cross above its in-term resistance level to validate 4.490 fiat as our medium-term upside target. On this trade, our stop loss would be near 4.311 fiat to exit the market in case the bias is reversed.
Conversely, a break below the in-term support level would have us put short towards 4.041 fiat. On this trade, our stop loss would be near 4.184 fiat.