Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation.
Bitcoin [BTC] was in a position to rise previous the $20.7k resistance stage however confronted extra promoting stress above the $22k mark. At press time, the king of crypto was buying and selling at $21.5k. The transfer upward from the $19k space over the previous week noticed Litecoin [LTC] climb meekly from $48 to $52. Nevertheless, regardless of the robust battle to reclaim the $50 space, an uptrend was not but established.
LTC- 6-Hour Chart
In late Could, Litecoin established a variety from $60 to $74. In early June, the value fell sharply beneath this vary. The swing excessive and low of this transfer have been used to plot the Fibonacci retracement ranges (yellow) on the value chart.
Typically, 61.8%-78.6% retracement space gives stiff resistance. The 38.2% retracement stage can also be key, as the value typically retests this stage as assist earlier than transferring upward to the 61.8% stage.
For Litecoin, it may be seen that the 38.2% stage has acted as a strong resistance space over the previous two weeks. Subsequently, shopping for alternatives would seemingly not arrive till the $53 stage was flipped to assist.
On decrease timeframes, the $50-$52 zone was necessary, and LTC bulls continued to battle to ascertain dominion over this belt.
Regardless of their robust battle, the indications confirmed that the patrons had not made a lot progress. The Relative Power Index (RSI) didn’t present a pattern in progress, although it was above impartial 50. Actually, it has oscillated between 60 and 40 for the higher a part of the previous month. This hinted at a variety greater than a powerful pattern behind Litecoin.
The On-Steadiness Quantity (OBV) was additionally transferring sideways over the previous month, and we will infer that purchasing stress has considerably died out in latest weeks. The Chaikin Cash Stream (CMF) agreed with this inference, because it has did not climb previous +0.05 previously three weeks of buying and selling.
Litecoin managed to halt its plunge at $48, and in addition climb previous the $50 mark. But, it was not enough proof to level towards a transfer greater for LTC. The $53 stage was important. A flip of this stage to assist can supply a shopping for alternative concentrating on $61.