ForexMinute.com — Just like its locomotive Bitcoin, Litecoin too is looking slightly flatter than its previous price movements. In over the last 24 hours, the cryptocurrency has attempted a decent breakout but the upside momentum ended up losing fuel near the current in-term resistance level. Result: Litecoin is still respecting its prevailing range, awaiting breakout on either sides.
As we now enter another day of trading, we can notice price being lazy than choppy. The flatness is somewhat holding us from placing any adventurous trade. We have still drawn a certain risk levels as a part of our intraday breakout strategy. What are they? Let’s have a look:
Litecoin 4H Chart
The Litecoin 4H BTC-e chart displays price in a near-term bearish bias, for it is visibly trending below it’s 50, 100 and 200H SMAs and the 4H RSI, too, is hinting to stay below 50. The MACD indicator, meanwhile, is maintaining its negative bias while staying above its signal curve.
Therefore, at this point of time, we are first waiting for price to test 4.126 fiat as its in-term support level. A run below this level would have us put a short towards 4.015 fiat as our medium-term downside target. A further break, and we’ll enter a similar position towards 3.853 fiat. On all these trades, our stop loss would remain near 4.174 fiat.
Conversely, a break above the current in-term resistance — near 4.362 fiat — would validate 4.432 fiat as our medium-term upside target. On this trade, our stop loss will be near 4.320 fiat to help us exit the market in case the bias gets invalidated.