2019-4-9 17:17 |
Litecoin is bullish in the short-term, with the cryptocurrency trading at levels not seen since June 2018 The LTC / USD pair remains bullish over the medium-term, with price holding firm above its 200-day moving average The daily time frame shows a bullish inverted head and shoulders pattern in progress Litecoin / USD Short-term price analysis
Litecoin remains bullish over the short-term, with price holding above the LTC / USD pair’s 200-period moving average on the four-hour time frame.
However, the Ichimoku indicator on the four-hour time frame is showing that the cryptocurrency is testing towards key technical support from the Ichimoku cloud after buyers once again failed to move price above the $100.00 resistance level.
Other technical indicators on the four-hour time frame have turned bearish and signal further near-term losses.
LTC / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that a bearish double-top formation will form if buyers fail to move the LTC / USD pair above the $100.00 level.
Relative Strength Index
The Relative Strength Index has turned bearish on the four-hour time frame and is currently showing that selling pressures are growing.
MACD Indicator
The MACD indicator has turned bearish, with the MACD signal line and the MACD histogram trending lower.
Litecoin / USD Medium-term price analysisLitecoin remains bullish over the medium-term, with the cryptocurrency advancing well above its trend defining 200-day moving average.
The daily time frame shows that the recent advance in the LTC / USD pair has created an even larger inverted head and shoulders pattern, with the pattern holding an upside projection that would take the cryptocurrency close to the $160.00 level.
The Ichimoku indicator is showing that technical support on the daily time frame is found at the $80.00 and $72.00 levels, while critical technical support from the Ichimoku cloud is found around the $60.00 level.
LTC / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that the smaller inverted head and shoulders pattern currently in play on the daily time frame has an upside projection that would take the LTC / USD pair towards the $120.00 level.
Relative Strength Index
The Relative Strength Index is bullish on the daily time frame, although it is starting to correct lower from extremely overbought conditions.
MACD Indicator
The MACD indicator is conflicted on the daily time frame, with the MACD histogram moving lower, while the MACD signal line is still bullish.
ConclusionLitecoin is starting to correct lower in the near-term, with a potential double-top pattern on the four-hour time frame offering a warning that a deeper technical correction may occur if bulls struggle to move price to new highs.
The daily time frame is highlighting that medium-term bulls still remain in control, with the inverted head and shoulders patterns showing that the LTC / USD pair could advance towards the $120.00 and $160.00 levels.
For a quick lesson on Litecoin, check out our coin guide.
To get a deeper overview of the project, head over to our DARE for Litecoin and LTC.
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