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Short-term analysis for Litecoin. Is correction coming in the next few hours?

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Litecoin is signaling a strong corrective downward move after surpassing $ 45 a few hours ago. After an increase of more than 12% in the last 24 hours, the price seems to be looking for a necessary correction before continuing on its upward path in search of the $ 50.

In the graph you can see how Litecoin is on an uptrend line far from the current price. A correction up to the R1 week of the pivot points seems to be a good level for a rebound or consolidation for a few days. While the 12% increase move is important, we see how the volume has not been high enough to confirm that we will maintain support at $ 45.

While the latter is possible, there are more possibilities to see a downward movement up to $ 43 as a minimum or even look for the trend line that until now is quite far away. The RSI is in a state of total over purchase, indicating a correction in doors at any time. We must be vigilant and not enter until the price consolidates on some important support.



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