TL;DR Breakdown
- Litecoin price analysis shows a reverse head and shoulder forming on the 4-hours chart.
- Litecoin volume also indicates a good up lift in the market.
- LTC/USD is likely to hit the $149 mark soon.
- Bears have been defeated by bulls in the past 24-hours.
control of the market to lead the cryptocurrency into new highs. Litecoin price went as high up as $146.61 as per our previous analysis, only to give in to the lower highs around the $142.44 mark today. However, the bullish momentum is gaining upon the bearish momentum very fast after the steep drop of three dollars earlier today.
Litecoin price analysis: 4 hours chart shows a head and shoulder momentum
The four hours candlestick chart shows that a small reserve head and shoulder momentum forming on the chart. The candlestick chart shows that bearish momentum is now giving way to a bullish move in the next few hours that can take the price high, back towards the $147.50 mark.
The trading volume on the chart also shows a promising situation for the bullish momentum to gain control of the market and take the price higher. The trading volume is mostly in the greens showing that the small bearish pattern is now breaking away for the LTC/USD pair and taking the market into the bullish movement.
Litecoin price shows steady increase on 1-day chart
The one day chart for the LTC/USD pair is also indicating a strong bullish momentum taking over the market in the next half of the day. The chart shows a steady climb in Litecoin price in the hours to come.
Trading volume for the cryptocurrency is also showing a promising bullish trend with slight bearish hints here and there, in the past few days. The past 24-hours have mostly been bullish for the LTC/USD pair and if bulls manage to maintain the current support levels found at the $142 mark, LTC/USD can go as high up as the $150 mark.
Moreover, the Bollinger band shows a slight increase in volatility today compared to the past few days for the cryptocurrency. The slightly higher volatility is allowing slight hints of bearish momentum within the largely bullish momentum but is unable to give bears control of the market. The relative strength index (RSI) is standing at 60 showing a healthy trading volume for the pair at the time of writing.
Out of the total 26 indicators, nine indicators stand at a buy position, seven indicators stand at a neutral position and 10 indicators stand at the sell position. However, out of the 11 oscillator indicators, six indicators stand neutral, one at buying and four at sell pushing the market towards selling. But out of the 15 moving average indicators, eight indicators stand at buy, one stand at neutral and six indicators stand at a sell position, pushing the market towards buying. The overall market position stands at neutral due to the differences in the indicators.
Conclusion
Litecoin price is moving in a bullish momentum and if the pattern is not interrupted by the bearish momentum the cryptocurrency is likely to hit the new high at $147 and maybe above that at the $150 mark. If the bullish momentum fails to maintain the current support levels, it is likely to fall below the $140 mark once again before it retests the new highs.
This post was last modified on August 1, 2021 11:10 AM