Litecoin Price Weekly Analysis – Likely to Hit Fresh Highs

Key Highlights

  • Litecoin price held the ground as highlighted in the previous week’s analysis that the $2.40 support area holds the key.
  • A bearish trend line formed on the 4-hours chart of the Litecoin price was breached to open the doors for more gains in the near term.

Litecoin price has managed to break a major resistance area, which might ignite an upside rally moving ahead.

Retest of $3.80?

The Litecoin price found support around $2.40, which acted as a major hurdle for sellers and prevented more losses. There was an upside move recently, as the price managed to break the 23.6% Fib retracement level of the last drop from the $4.00 high to $2.40 low is possible. The most important point was the fact that the price also breached a bearish trend line formed on the 4-hours chart. This was not all, as buyers also managed to push the price above the 100 simple moving average (4H). In short, there are many bullish signs on the 4-hours chart, highlighting that the price could trade higher moving ahead.

Litecoin Price Weekly Analysis

The next hurdle for buyers could be around the 50% Fib retracement level, as currently the price is struggling to clear the 38.2% Fib level. On the other hand, if sellers take the price lower, then the 100 SMA might act as a support. A break below it might take the price towards the broken trend line, which could act as a support moving ahead.

Any further losses might be a negative sign, which could push the price towards the last swing low of $2.40 where buyers may appear to prevent losses.

Intraday Support Level – $2.75

Intraday Resistance Level – $3.50

The hourly RSI and MACD are in the bullish zone, which suggests that more gains are likely.

Charts courtesy of Trading View

CoinWidgetCom.go({
wallet_address: ‘1Pagkvzv1EfnoFp6nzpuNEZHWCeyvbJriB’,
currency: ‘bitcoin’,
counter: ‘hide’,
lbl_button: ‘Tip us’,
lbl_count: ‘donations’,
lbl_amount: ‘BTC’,
lbl_address: ‘Use address below to donate. Thanks!’,
qrcode: true,
alignment: ‘bl’,
decimals: 2,
size: “small”,
color: “dark”,
countdownFrom: “20”,
element: “#coinwidget-bitcoin-1Pagkvzv1EfnoFp6nzpuNEZHWCeyvbJriB”,
onShow: function(){},
onHide: function(){}
});



Source

from Latest Bitcoin News | Crypto News | Mining Reviews – Bitcoins Channel http://ift.tt/1LqulR9
via IFTTT

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s