Litecoin [LTC] Price Analysis – January 24th

Aziz Khan Altcoin News PublishedJanuary 24, 2021 | ModifiedJanuary 25, 2021

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Litecoin [LTC] Price Analysis – January 24th

LTC/USDT Daily Chart

Chart by Tradingview

Perceiving LTCUSDT’s chart, price action is current trading under a key Daily S/R level that needs to be breached for a bullish bias to be valid. Price action has deviated from its swing high with a strong bearish expansion into a liquidity run. Tapping the mid Weekly S/R validated an S/R Flip Retest of the level, this confirmed price action acceptance as price is trading above the current bullish order block.

Predominantly, price action has maintained a higher low projection with confirmed S/R Flip retests along the way. Each key technical level have been breached with increasing volume, this is suggestive of a strong uptrend with no signs of a local top being set. Again a climatic node will be redolent of a short-term down trend, this will be apparent with a confirmed market structure change.

LTC/USDT Daily RSI

Chart by Tradingview

Referring to the current Daily RSI of LTCUSDT, a valid hidden bullish divergence can be speckled. This is suggestive of strength as the prevailed short-term selling is coming to exhaustion. Price action has confirmed a higher low whist the RSI has respectfully established a lower low. This is a tail sign characterises of a momentum shirt in the immediate short term. A bullish however can only be confirmed with a true break of the Daily S/R as mentions earlier.

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Aziz Khan 11 Articles
Aziz is an experienced crypto technical analyst and day trader for the past three years going on four. Being a self-taught trader of 5 + years in this field, he has accomplished top status on Trading-view with daily detailed analysis on trending coins. You can follow Aziz on twitter and TradingView
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