LTC/BTC: Litecoin Price Reaches Hurdle Vs Bitcoin, Why Dips Could Be Attractive
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Litecoin’s LTC price rose above the 0.0030 BTC range this month. Its resistance is now near 0.0050 BTC and may correct the confirmations.
Litecoin (LTC) Price Rally May Pause Bitcoin Vs
In a recent litecoin analysis, we saw the strong movement of LTC and how it outperformed bitcoin and etheruem. LTC/BTC also held well above 0.0020 and started a steady uptrend.
There was a strong rally above the 0.0025 and 0.0030 resistance levels. On the weekly chart, there was a clear move above a major downtrend line with resistance near 0.0030 BTC. The bulls even pumped the price above the 0.0032 resistance and the 50-week simple moving average (blue).
Litecoin’s price weekly chart | Source: LTCBTC on TradingView.com
The price even rose above the 0.00470 resistance area. Finally, there was a spike above the 50% Fib retracement level to the downside moving from the 0.0072 swing high to the 0.00171 low.
Litecoin price is now at resistance near the 0.0050 BTC level. The next major resistance is near the 0.00512 level. It is near the 61.8% Fib retracement level to the downside, moving from the 0.0072 swing high to 0.00171.
A clear move above the 0.0051 resistance could push the price further. In the mentioned case, the price may possibly return to the high of 0.0071. Any further gains could open the door to a move towards the 0.0080 zone. Finally, the price could bounce and test the 0.010 resistance if the bulls remain active.
Fixing the downside?
If there is no upside break above 0.0050 BTC, litecoin price may correct lower. On the downside, there is strong support forming near 0.0040.
Major support appears to be forming near the 0.0030 level and the 50-week simple moving average (blue). If there is a downside below the 0.0030 support, the price may turn to the downside. The next big support could be near the 0.0020 level, below which the price could drop towards the 0.0015 support area.
Overall, the litecoin price rally seems to be facing a major hurdle near the 0.0050 level against bitcoin. If the bulls pump the price above the 0.0050 and 0.0051 levels, LTC could gain some upside momentum. On the contrary, another decline could be towards the 0.0040 support area or even 0.0030.
The post LTC/BTC: Litecoin price hits barrier vs Bitcoin, why dips can be attractive appeared first on CoinChapter.