Litecoin Market Overview

Litecoin reached a strong support zone which reversed the market 2 times in the past. This zone can be a bottom and a starting point for a new upward movement to the downtrend line at least. RSI confirms a price reversal. MACD histogram supports the upward movement. DMI is bearish and it confirms the strength of sellers. For a reliable buy signal, we should wait when ADX line starts falling. But now we can say that the market found a good support. Will be bulls able to develop a new uptrend from this price reversal? We’ll see, but staying above 100.00 level, it’s good support for bullish market in long run.

Comment:

If we look at the 4H timeframe, we can see that the price reached SMA100 - a strong resistance line. Breaking above 125.00 level and SMA100 will give a good confirmation for further upward movement to 140.00-142.50 resistance zone.

Comment:

The price is going to drop to 110.00 level one more time. Price action at 110.00-100.00 zone will show us further market movements.