Litecoin breaks the $ 150 mark once again. A minor correction saw its price drop to $ 141. Compound could see a short term bearish scenario unfold over the next few hours. While Cosmos shows increasing bullish momentum as it approaches $ 10.
On the hourly chart, LTC had shown a bearish divergence even as LTC broke above $ 150. This caused a correction and saw LTC pull back towards $ 140 before resuming its upward movement once more.
This shorter timeframe indicated that the correction was over and that bullish momentum was once again in the driver’s seat. The RSI climbed back above neutral 50 while the price also broke above the $ 150 level. The volume of trade was noticeable but not extraordinary.
LTC has been trading between $ 123 and $ 180 since late December, and breaking the 50% level of the range makes the top of the range a medium-term target for LTC bulls.
Once again, the one hour time frame was chosen to scan COMP. The longer timeframes show a strongly bullish digital asset that is showing no signs of retracement yet. However, on the hourly charts the Awesome Oscillator was bullish but it may peak lower than recently recorded.
This would exhibit a two bearish peak pattern and give a sell signal that can be used to scalp a short trade in the $ 470 region.
There is some resistance from around $ 500, and rejection at this psychological level could see the COMP drop to the support level of $ 450.
Cosmos erupts from the upward descending triangle and hits the projected goal of $ 9.7. He was the apex of the triangle formation. Further on is the previous local high at $ 10.2. He sees strong selling pressure to bring the price down to $ 9.4.
The MACD formed a bullish cross above the zero line, indicating strong bullish momentum for ATOM which could see it breaching $ 10.2. However, the volume of trade had not yet gained ground. The support levels are located at $ 9.32 and $ 8.6.
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