LitecoinUSD made an interesting bullish move on last Saturday. The price was having a consolidation on a support zone. Thus, it was on the card that it would make a significant move. The move could have taken place to either side. Evaluating all other aspects, it was more bull bias, and that is what exactly happened.
Let us have a look at the D1- LitecoinUSD chart.
The Daily Chart
The chart suggests that the price has started having consolidation again. The massive daily bull candle closed below 94.35. This seems to be the level of resistance here. It was held by the last two trading day’s candles too. However, the ranges of those last two trading days’ candles are not too large. That we will find out by looking at the H4 LitecoinUSD chart. Here is another equation that might come into play on LitecoinUSD. The resistance level that we are anticipating to be broken by the bull movement; it might as well have the potential to be the resistance of a double top as well. It is less likely, but we may not rule out the possibility of it.
Let us now have a look at the H4- LitecoinUSD chart.
The H4 Chart
The H4 chart shows the consolidation zone clearly. The level of 83.90 is the level of support here. It has to be held by the price and keeps pushing the price towards the North to make a breakout at the level of 94.35 to offer a long entry to the buyers.
A thing to be noted here is there is a price gap just below the marked support level. This can be vital. If the marked support line gets broken, then the price would have some free space towards the South to travel. That will spoil the buyers’ party on LitecoinUSD for the time being.
Entry: H4 breakout at 94.35
Stop Loss: Below 83.90