LTCUSDT Hit the 1D MA20 for the first time since 2021!

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For this particular analysis on Litecoin we are using the LTCUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where LTC hit today its 1D MA200 (orange trend-line) for the first time since December 05 2021! It is easy to realize that closing above such a long-term Resistance will be a major bullish break-out.

The sentiment has already been bullish starting from the June 14 bottom, while at the same time the RSI on the 1W time-frame has been continuously rising. On the short-term a break above the 1D MA200 would still be limited below the top of the Channel Up, but a break above the 0.382 would confirm the major break-out and we can target the 0.618 Fibonacci retracement level. Until it breaks, a rejection on the 1D MA200, is short-term bearish towards the 1D MA50 (blue trend-line) which is the current Support.



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Comment:

Title correction (obviously): Hit 1D MA200