LTC/USD: Technical picture
On the intraday charts, LTC/USD recovery is capped by $42.50-$42.70 area, which includes the middle line of the 1-hour Bollinger Band and the upper border of Wednesday’s consolidation channel. Once it is cleared, the recovery may be extended towards $43.00 and $43.50, reinforced by a combination of 1-hour SMA100 and SMA200. The RSI on 1-hour chart stays flat in a neutral position, which means the coin may stay sidelined during the nearest trading hours.
On the downside, a sustainable move below $42.00 will worsen the technical picture and bring the recent low of $41.61 into focus.
LTC/USD 1-hour chart
The daily chart shows that LTC/USD sell-off stopped short of the lower line of the Bollinger Band (currently at $41.50). A thick layer of buy orders helped to trigger a recovery, however, the coin is not put of woods as long as it stays below daily SMA100 located on approach to the above-mentioned resistance of $43.50. Once it is out of the way, the recovery may be extended to $44.50 (daily SMA50) and $45.00.