Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation.
Bitcoin [BTC] was capable of rise previous the $20.7k resistance degree however confronted extra promoting stress above the $22k mark. At press time, the king of crypto was buying and selling at $21.5k. The transfer upward from the $19k space over the previous week noticed Litecoin [LTC] climb meekly from $48 to $52. Nonetheless, regardless of the powerful battle to reclaim the $50 space, an uptrend was not but established.
LTC- 6-Hour Chart
In late Might, Litecoin established a spread from $60 to $74. In early June, the worth fell sharply beneath this vary. The swing excessive and low of this transfer had been used to plot the Fibonacci retracement ranges (yellow) on the worth chart.
Basically, 61.8%-78.6% retracement space presents stiff resistance. The 38.2% retracement degree can also be key, as the worth usually retests this degree as assist earlier than transferring upward to the 61.8% degree.
For Litecoin, it may be seen that the 38.2% degree has acted as a strong resistance space over the previous two weeks. Due to this fact, shopping for alternatives would possible not arrive till the $53 degree was flipped to assist.
On decrease timeframes, the $50-$52 zone was essential, and LTC bulls continued to battle to ascertain dominion over this belt.
Regardless of their powerful battle, the indications confirmed that the consumers had not made a lot progress. The Relative Energy Index (RSI) didn’t present a pattern in progress, despite the fact that it was above impartial 50. The truth is, it has oscillated between 60 and 40 for the higher a part of the previous month. This hinted at a spread greater than a robust pattern behind Litecoin.
The On-Steadiness Quantity (OBV) was additionally transferring sideways over the previous month, and we will infer that purchasing stress has considerably died out in latest weeks. The Chaikin Cash Move (CMF) agreed with this inference, because it has did not climb previous +0.05 previously three weeks of buying and selling.
Litecoin managed to halt its plunge at $48, and likewise climb previous the $50 mark. But, it was not enough proof to level towards a transfer greater for LTC. The $53 degree was crucial. A flip of this degree to assist can supply a shopping for alternative concentrating on $61.