The 6 hour timeframe chart is presented in today’s Litecoin price analysis with coverage of market action over the past 5 months.
Downward momentum was maintained up until price hit a low of $22.84 on December 7, 2018 followed by a price swing that reached a price high of $39.62 on February 08, 2019.
in Litecoin lasting just over 5 months is indicated on the chart and was successfully broken to the upside as part of the development of momentum that climaxed on February 08, 2019.
The current is anticipated as support on further retracement of price, which implies the $38 price level indicating a possible change in polarity i.e. previous resistance acting as support.
Lower (i.e. between $30.32 and $28.48) is also indicated on the chart and expected to provide support should selling continue below the $38 level. Moreover, the current from the December 7, 2018 low in price is also drawn on the chart as region to watch out for price consolidation.
The most conservative approach to going long (buy) on a breakout above $39.62.