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.
- 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.