Litecoin price continued rising yesterday and earlier today to record a high of $1.95 on Bitfinex today, as we predicted during yesterday’s analysis. As the resistance level at the 62% Fibonacci retracement has been already been broken, litecoin price is likely to continue rising as the market’s buying volume continues to increase.

By studying the 4 hour Bitfinex (LTC/USD) chart from tradingview.com, keeping the Fibonacci retracement levels we plotted throughout yesterday’s analysis and plotting the William’s Alligator indicator accordingly (look at the below chart), we can conclude the following:

We can now detect a new bullish trend forming as shown by the 2 orange trend lines on the below chart. Accordingly, litecoin price is continuing to score higher highs. The new bullish trend is characterized by short bullish bouts that last for 2-4 hours followed by longer price correction waves that usually pull the price down to 50% of the proceeding rise.

The alignment of the SMAs of the William’s Alligator indicator signals continuation of the current bullish wave as the red 13 period SMA (teeth) is below the green 8 period SMA (jaw) and the blue 21 period SMA (lips) is below both of them.

By studying the 1 day Bitfinex (LTC/USD) charts from tradingview.com, plotting the 20, 50 and 100 day EMAs and calculating the RSI and the On-Balance Volume (OBV) oscillator, we can conclude the following:

Litecoin price is now above the 20 day and 50 day EMAs after being below both for a relatively long period.

The value of the RSI is now around 58 and rising, so litecoin is not overbought and we can see it rise to higher levels.

The OBV is sloping in an upward direction which confirms the big buying volume of the market, so we can see the price rise to $2.00 within the next 24 hours.

Conclusion:

Litecoin price continued rising today to score a high of $1.95. Our technical analysis predict the price to rise further to reach the $2.00 level within the next 24 hours.

Charts from Bitfinex