Litecoin: Parabolic Support Analysis 1H (Apr. 23)

X FORCE GLOBAL ANALYSIS:


Litecoin has been showing a very steady price move lately. In this analysis, we assess the technicals for Litecoin (LTC) and its bullish and bearish probabilities.

Bullish Evidence

- We have formed a parabolic support on the hourly chart
- Prices initially created lower lows, until it transitioned into creating higher lows
- The Relative Strength Index (RSI) showed a series of uptrends and downtrend, and it has recently shown a breakout
- The Moving Average Convergence Divergence (MACD) shows decreasing bearish histograms and a potential golden cross

Bearish Evidence

- We are still creating higher lows on the price
- Should we break down the parabolic trend line support, the bullish case would be negated

What We Believe

Given that the parabolic trend line remains intact, we believe that we could see higher lows, and the formation of potential higher highs as well.

Trade Safe.