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Litecoin/Bitcoin (LTC/BTC) Rebounds from Key Support

On March 1, we noted that LTC/BTC was coming down to an important support around 0.018. We noted that LTC/BTC has been in a recent bullish breakout, and that holding above 0.018 would suggest the market is keeping the bullish outlook.

LTC/BTC Daily Chart

LTC/BTC Maintains Bullish Outlook

  • As we can see on the daily chart, LTC/BTC has indeed been bullish since December, and broke above the July 2017 high. 
  • The 0.018 area had many support factors including a rising trendline and the 50-day simple moving average.
  • It was also just a support/resistance pivot area. 
  • Furthermore the RSI was around 40. The fact the RSI held above 40 suggests maintenance of the bullish momentum.
  • But LTC/BTC is not out of the woods yet.
  • It will be interesting what happens if price retreats back towards the 0.019 area. 
  • On the 4H chart below, we can see that there was a mini rounded bottom just above the 0.018 support. 
  • Price broke above this "price bottom" and might be pulling back towards it.
  • I think a bullish market will keep LTC/BTC mostly above 0.019. 
    Bearish Scenario:
  • A break below 0.01850 on the other hand suggests bears are back in this market. In this scenario, I would put aside the bullish outlook for LTC/BTC and anticipate some bearish push towards 0.014-0.015. 
  • In this bearish scenario, if there is a bullish attempt, we should anticipate resistance in the 0.019-0.02 area. 

LTC/BTC 4H Chart

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