From the chart, the RSI’s daily price movement places us in the oversold territory. As the prices advance, the biggest long-term obstacle for LTC is the downtrend resistance that was formed in February.
Litecoin (LTC) Price Today – LTC / USD
From the 4-hour chart, it is obvious that the price dipped and hit the bottom around $75 more than once. If it bounces from the current position and crosses its $87 neckline, there may be some improvement.
At the moment, $87 is considered an intermediate- term goal that LTC can reach. This 16% is a lot and profits at this point are solid. The risk/reward ratio for Litecoin justifies entry.
Litecoin Price Analysis
The chart shows two bullish patterns that are higher low and double bottom formation. This is happening for the second time. It is a crucial zone for bulls to defend and hold on to the bullish structure of a higher low. This calls for an uptrend.
An uptrend comprises two different things higher lows and higher highs. When these two things are considered, the higher low gives signal for the activation of an uptrend nut the higher high confirms it.
The bullish reversal pattern is the double bottom and it occurs often at the bottom of the market.
It is important to bear in mind that the price must take down the 86.7 level before pushing higher and this level acts as the bullish breakout confirmation. Presently, the price is situated where it is attractive to open less significant positions and starts increasing it when there is a trend change. When the volume begins to increase, then the 86.7 level can be feasible for long-term investments.
It is better to wait until the market begins to show more definite trend reversal signals before entering with bigger positions. Where there are no setups or signals, you will end up suffering for it trading wise. It is crucial to resist trades where there are no setups.