Hello traders! The cryptocurrency market is getting more and more interesting especially after the BTC halving and the overall upside direction. Although there are indecision times like we have right now. For example, the BTC/USD is struggling to break above the 10k resistance area, and the price still remains below this key level. However, soon there must be a strong move but it is hard to tell at this point whether it will be to the upside or a downside.
On the LTC/USD example we can clearly see the support as well as resistance. By looking at the 4-hour chart, price has cleanly rejected the 200 Exponential Moving Average and bouncing off the uptrend trendline. These are indications of the continuation of the uptrend.
On the other hand, if we look at the hourly chart, price has also rejected the 200 Exponential Moving Average cleanly, but here it seems like the downtrend trendline has been broken. Nevertheless, the price is stuck between 46.84 resistance and 45.31 support for the time being. Because of the break above the downtrend trendline, the probability is in favour of an uptrend continuation. But considering the rejection of the EMA, prior to buying or selling, it is best to wait for the breakout, either above the resistance or below the support.
Bias: Sideways while between 45.00 – 47.00
Have a profitable trading!