Litecoin [LTC] Price Analysis – January 24th

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

litecoin

Litecoin [LTC] Price Analysis – January 24th

advertisement
FBC13

LTC/USDT Daily Chart

Advertisement
Nexo
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.

Advertisement
Nexo

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

PrimeXBT
Post your comment...
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
Follow Aziz @