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Litecoin Trading in a Triangle with Bearish Bias Litecoin fell last week from about 5.40 to a low of 3.91 by the start of this week. The 1H chart shows a bearish market. 1) The 200-, 100-, and 50-hour simple moving averages are sloping down and in bearish alignment.
2) Price is staying below these SMAs. 3) The 1H RSI has tagged below 30, and has held below 60, which shows maintenance of the bearish momentum. Within the context of this bearish mode, price is starting this week in a consolidation. The 1H chart shows litecoin trading in a triangle.
Litecoin Trading in a Triangle with Bearish Bias
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Litecoin (LTCUSD) 1H chart 9/22 If price pushes above 4.30, litecoin would break above the triangle and the 100-hour SMA. If this is accompanied by the 1H RSI pushing above 60, we can say that LTCUSD is shifting from bearish to neutral, and losing its bearish momentum, at least in the short-term. However, considering that the prevailing trend is bearish, the bullish outlook would be limited first to the 4.70 level, where teh 200-horu SMA resides. The 4.704.80 area is also a support/resistance area. A break above 5.0 would then open up a bullish outlook in the short-term. In the 4H chart, we can see that a break above 5.10 would put litecoin above the 200-, 100-, and 50-period SMAS as well as above a falling trendline. Otherwise, if price stays below 4.30, the pressure remains on the 3.91 low, we can see that the bearish trend has revived in the 4H chart, where price threatened a bullish outlook earlier in July when price pushed above the SMAs and the RSI tagged 70. Now with price below the SMAs, and the RSI tagging below 30, the bearish outlook is in play. Below the 3.90 level, the next support would be the August-low of 3.33. Below that, we have the 2.21 low on the year in sight.
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