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Litecoin (LTC/USD) Approaching Key Short-term Resistance

So far this week, most cryptocurrencies have rebounded 10%-25% their recent lows. Litecoin (LTC/USD) found support around $140 and is now back above $170. However, As it approaches $175-$180, I think there will be resistance and a push back towards $160 if not back towards $140. 

LTC/USD 4H Chart

  • First of all, let's remember that the crypto asset class has been bearish for the most part since mid to late January.
  • Looking at the 4H chart, the overall trend still looks bearish as price trades mostly under the cluster of 200-, 100- and 50-period simple moving averages (SMAs). 
  • The recent rally puts price back into this cluster of SMAs, which could be a source of resistance.
  • Another source of resistance would be the falling resistance trendlines, one from February and another from December. 
  • Finally, the RSI is pushing against 60. If the bearish momentum since late February is still in play, the RSI should hold under 60. In this scenario, we can expect price to reach back towards $140. 
  • I might take a break above $210 to convince the market litecoin is no longer bearish. However, it might simply be entering a sideways market, in which cause we should monitor the $250-$260 area for resistance.

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