Here we have LTC/USD on the 1D chart.
LTC/USD has been in an up move. Price broke a side-wards resistance on 14th February at 163.23 and has been trading upwards since.
Price is picking up more momentum to the upside. Price had a small pullback but is since recovering. Price is currently trading above a side-wards and just above the 50 moving average.
I am expecting Litecoin to continue with the current upside momentum, but I would prefer to see a test on the side-wards support at 199.30 or a slight steeper retest to support on the 50 moving average at 197.30. If price hits the 50 moving average and then has a reversal signal with the candle body closing ABOVE the side-wards , this would be a great buying opportunity based on momentum.
Bare in mind that seeing a retest at horizontal support at 199.30 would be a fantastic time to consider a new entry into the market.
If price retests the lower support of the 50 moving average, it is strongly preferred that is also has a good setup coinciding with it, to support the fact that momentum is favorable at the that we are most interested in.
I will updating this analysis if it exceeds 40 likes.
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