- Litecoin’s price spiked higher intraday and even managed to break a critical bearish trend line on the hourly chart (data feed from Bitfinex).
- Our buy with a break idea as highlighted in yesterday’s post worked well.
- More gains are likely moving ahead, as the price may head towards the last swing high of $3.85.
Litecoin’s price traded higher and is currently positioned in the bullish zone. Once again, the buying dips idea may play well in the short term.
Continue Buying Dips?
Litecoin’s price was facing a major barrier in the form of a bearish trend line on the hourly chart (data feed from Bitfinex). However, buyers managed to take the price above the highlighted trend line and resistance area. Moreover, the price also closed above the 100 hourly simple moving average. The price traded as high as $3.78, and it looks set for a move towards the last swing high of $3.85.
If the price attempts to move lower from the current levels or corrects lower, then the 100 hourly MA may act as a support area