Litecoin Price Rises following Bitcoin Breakout

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ForexMinute.com — Silver cryptocurrency Litecoin has had a great past 24 hours as its price rose impeccably under the influence of Bitcoin’s untiring breakout. The altcoin therefore managed to form new consolidation parameters, a little slightly above the previous ones, and is now sighting to continue its prevailing bullish momentum. But until which point? Let’s check it out in the analysis below.

Litecoin 4H Chart

litecoin 4h 30 april

As you can see the 4H Litecoin chart above, you can notice price trending above its 50-H SMA curve (the black one). At the same time, the RSI has its head towards north is looking towards breaking above the buying threshold near 70. The MACD blue curve meanwhile has already gone inside the positive territory, thanks to the favorable and uninterrupted upside momentum during the April 30th trading session. The indicators jointly displays a near-term bullish bias, looking to attempt downside corrections upon testing the further resistance levels.

As long as the RSI remains below 70, there would always be a likeliness of a bearish correction. We therefore has drawn some upside risk levels to understand the better exit/entry points while placing your Litecoin trades. At this point of time, the Litecoin price is clearly battling 1.459 as its next resistance level. The effect of this strong pullback point could be noticed in many occasions this month, except one in which Litecoin managed to form higher highs near 1.479 (the red line).

We therefore would recommend Litecoin traders to avoid entering trade at this hour and wait to place a short entry towards 1.448 in case the pullback succeeds. In case the upside momentum continues to exist, entering a trade just above 1.459 would ensure a decent profit if shorted near 1.479.