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The Bitcoin market has been leading the altcoin trend for a long time, but currently, some alt has been at a decisive crossroads. Litecoin [LTC] it was one of these halts in an undecided position.
The current price of LTC was at $ 52.67 and can be an attractive point for both short and long positions.
Litecoin 1 hour chart
Source: LTC / USD on TradingView
The one-hour chart above suggested that Litecoin’s price has been in a downtrend since the beginning of November and has bounced inside a descending channel. The 50 moving average took a position far above the price bars which indicated a downward trend in the market.
However, Bitcoin has noticed positive momentum making it a prime for a positive breakout, which could also impact the LTC market.
Positions:
Short
Admission: $ 53
Stop loss: $ 53.74
Take-profit: $ 51.51
Risk-reward: ~ 2.01
Long
Admission: $ 53
Stop loss: $ 51.97
Take-profit: $ 54.55
Risk-reward: ~ 1.51
Reasoning
Source: LTC / USD on TradingView
Price indicators have indicated a push and attraction among traders in the LTC market. With Awesome Oscillator in negative with positive pressure from buyers. While the Relative Strength Index has been close to the overbought zone and has not yet reached a state of equilibrium.
The Stochastic RSI has seen a crossover, which has historically indicated selling pressure merging into the market and reducing the value of LTC. If the trend holds, the LTC value may soon notice another hit.
Conclusion
Moving forward, LTC is poised for a move in both directions. Even if the downside has the upper hand, the volatile Bitcoin market can change this bearish trend in minutes.
