Litecoin has been a little stagnant lately but is respecting its intermediate upward channel. It looks to be trading within a range in the short term which could continue sideways, breaking the upward channel. If we do start to move upward a retest of the $160 level is certainly possible if we don't get rejected by the $148 level. If we do break $160 and the channel continues we could hit $200 by August. That being said we are showing divergence with RSI so a downward move is always possible.
Things that need to line up before upward movement is more likely:
RSI needs to get back above 50 level
Parabolic SAR needs to print buy signal
SMI Ergodic Indicator should print cross
We are close to those requirements right now but will wait for confirmation.
Things that need to line up before upward movement is more likely:
RSI needs to get back above 50 level
Parabolic SAR needs to print buy signal
SMI Ergodic Indicator should print cross
We are close to those requirements right now but will wait for confirmation.
Comment:
RSI also showing hidden bullish divergence which could indicate a continuation of trend.