Litecoin (LTC) Price Aims Reversal Vs Bitcoin

Litecoin (LTC) price is showing some positive signs as it forms a base above the 0.000850 BTC zone. It might clear the 0.0010 resistance vs Bitcoin.

Litecoin price is slowly showing some positive signs against Bitcoin as it forms a base above the 0.000850 BTC zone. LTC vs BTC is trying to recover after a steep decline.

Recently, we highlighted that the main trend in LTC vs BTC remains bearish. Litecoin declined steadily from well above the 0.0012 support zone compared to Bitcoin. The price declined below the 0.0010 BTC and 0.00090 BTC support levels. It even settled below the 0.0010 BTC level and the 50-day simple moving average (blue).

Finally, LTC vs BTC found support near the 0.000850 BTC level. A low was formed at 0.000847 BTC and recently started a consolidation phase. Slowly, the price started a recovery wave and climbed above the 0.000900 BTC level.

More importantly, the price cleared a key bearish trend line with resistance at 0.000910 BTC on the daily chart. Litecoin seems to be coming out of the consolidation phase above the 0.000900 BTC level and the last daily candle suggests a bullish reversal pattern.

The price is now facing stiff resistance near the 0.00965 BTC level and the 50-day simple moving average (blue). If the bulls remain in action, they could attempt a clear move above the 50-day simple moving average (blue).

A close above the 50-day simple moving average (blue) and 0.000965 BTC could open the doors for a steady increase. The next key resistance sits near the 0.0010 BTC zone. It is close to the 23.6% Fib retracement level of the downward move from the 0.001548 BTC swing high to the 0.000847 BTC low.

A clear move above the 0.0010 BTC resistance might start another rally. In the stated case, the price may perhaps rise toward the 0.0012 BTC resistance or the 50% Fib retracement level of the downward move from the 0.001548 BTC swing high to the 0.000847 BTC low. Any more gains might open the doors for a move toward the 0.00138 BTC zone.

Another Decline In LTC vs BTC?

If Litecoin fails to clear the 50-day simple moving average (blue), there could be a fresh bearish reaction. Immediate support is near the 0.000925 BTC level.

The next major support is near the 0.000900 BTC level. A clear move below the 0.000900 BTC support might send the price toward the 0.000845 BTC zone, below which the price may perhaps decline toward the 0.000800 BTC support area. Any more losses could start a major decline toward the key support at 0.000740 BTC.

Overall, Litecoin price seems to be gaining pace above the 0.000900 BTC level versus Bitcoin. If the bulls pump the price above the 0.0010 BTC level, LTC could gain bullish momentum. Conversely, there might be a fresh decline toward the 0.00845 BTC support zone or even 0.000800 BTC.