When we look at litecoin in the daily chart, we can see that the cryptocurrency has been bearish but has gotten into a low volatility drift. For most part of the year, ltcusd drifted lower, with a spike to 1.00, which still remains the target for a bearish outlook.
The moving averages (SMAs) in the daily chart are sloping down and in bearish alignment, with price under the 200-, 100-, and 50-day SMAs. The RSI is still under 60 after it tagged below 30. So in the daily chart, we have a market that is still bearish even though it seems to have lost the push.
The 4H chart shows the the consolidation since ltcusd tagged 1.30 at the end of April. The resistance continues to hold around 1.50, but the lows are rising. Note the convergence of the moving averages, which reflect the sideways drift. The RSI has come close to tag 70, which reflects very slight bullish momentum, especially because it has held above 40 for the most part in May. Thus in the 4H chart, the technical assessment is a market that has turned from bearish to sideways, and is now threatening to turn bullish.
A break above 1.50 would do just that, forming a price bottom out of the action since mid-April. This scenario opens up the 1.60-1.62 level first, which is where the spike to 1.00 anchored from.
A break below 1.40 however, would put pressure back at 1.30, with risk of continuing the prevailing downtrend towards the 1.00 low on the year.
As we ended the 5/11 session, the 1H chart shows a flat day. with price oscillating above and below 1.45. Overall, we actually have a slight bullish bias. Price is trying to hold above the moving averages and the RSI has held above 40 after pushing above 70. The pressure is thus on the 1.50 ascending triangle resistance.
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