Litecoin (LTC) Price Aims Reversal Vs Bitcoin
Litecoin (LTC) seems to be forming a base above the 0.00085BTC zone. It is showing positive signs and might clear the 0.0010 resistance vs Bitcoin.
In the past few weeks, Litecoin has declined steadily from well above the 0.0012 support zone compared to Bitcoin. The price declined below the 0.0010BTC and 0.00090BTC support levels. It even settled below the 0.0010BTC level and the 50-day simple moving average (blue).
Finally, LTC vs BTC found support near the 0.000850BTC level. A low was formed at 0.000847BTC and recently started a consolidation phase. Slowly, the price started a recovery wave and climbed above the 0.00090BTC level.
More importantly, the price cleared a key bearish trend line with resistance at 0.000910BTC on the daily chart. Litecoin seems to be coming out of the consolidation phase above the 0.00090BTC level and the last daily candle suggests a bullish reversal pattern.
The price is now facing stiff resistance near the 0.000965BTC level and the 50-day simple moving average (blue). If the bulls remain in action, they could attempt a clear move above the 50-day simple moving average (blue).
A close above the 50-day simple moving average (blue) and 0.000965BTC could open the doors for a steady increase. The next key resistance sits near the 0.0010BTC zone. It is close to the 23.6% Fib retracement level of the downward move from the 0.001548BTC swing high to the 0.000847BTC low.
A clear move above the 0.0010BTC resistance could start another rally. In the stated case, the price may perhaps rise toward the 0.0012BTC resistance or the 50% Fib retracement level of the downward move from the 0.001548BTC swing high to the 0.000847BTC low. Any more gains might open the doors for a move toward the 0.00138BTC zone.
Another Decline In LTC vs BTC?
If Litecoin fails to clear the 50-day simple moving average (blue), there could be a fresh bearish reaction. Immediate support is near the 0.000925BTC level.
The next major support is near the 0.00090BTC level. A clear move below the 0.00090BTC support might send the price toward the 0.000845BTC zone, below which the price may perhaps decline toward the 0.00080BTC support area. Any more losses could start a major decline toward the key support at 0.000740BTC.
Overall, Litecoin price seems to be gaining pace above the 0.00090BTC level versus Bitcoin. If the bulls pump the price above the 0.0010BTC level, LTC could gain bullish momentum. Conversely, there might be a fresh decline toward the 0.000845BTC support zone or even 0.00080BTC.