Litecoin has once again acted as a leading indicator for price performance surging an hour prior to Bitcoin surging.
Litecoin is now continuing its increase giving greater odds that Bitcoin will also continue its increase.
Bitcoin Hourly Chart – Source: Tradingview.com
We can see that the price began significantly increasing in Litecoin one candle prior to when price began significantly increasing for Bitcoin.
Litecoin has acted as a leading indicator for Bitcoin several times over the past month.
Litecoin Daily Chart – Source: Tradingview.com
The increase in Litecoin has resulted in it surpassing a key level where resistance was suspected.
The $48.31 level is the point where price broke down in November and has since acted as both support and resistance.
Price had tested this resistance level during trading last week. Multiple tests of a resistance level make it weaker with progressively fewer sellers to hold the level on each test.