Litecoin (LTC) lead a general crypto recovery in February, but has stalled in the second half of the month as Bitcoin took over as lead in the crypto recovery.
As litecoin stalled and bitcoin rallied, the price of LTC/BTC has retreated as well.
- LTC/BTC might have turned bullish in December after consolidating since May 2017.
- The RSI has pushed above 70 and stayed above 40 after a couple of tests. This shows that the prevailing bullish momentum is still alive.
- The fact price bounced off of the 200-day simple moving average, as well as the 100-day SMA, are signs that bulls are taking over.
- Furthermore, price cracked above the previous resistance around 0.022 before retreating.
- As LTC/BTC retreats, we can see that 0.018 is a key support area.
- Around 0.018, there is the 50-day SMA, a rising support, and essentially a support/resistance pivot area.
- Furthermore, the RSI is heading back towards 40 again.
- If price holds above 0.018 and the RSI holds above 40, LTC/BTC might still be bullish.
- On the other hand, a break below 0.018 with the RSI pushing below 40 could be part of a more significant bearish correction towards 0.014.