LTC/USD Technical Analysis: Market bullish but lacks the steam to aim for $100 level
|LTC/USD Daily Chart
- The market has had a bullish breakout from a triangle formation.
- The two latest sessions have put the daily price above the SMA 200, SMA 50, and SMA 20 curves.
- The signal line has converged with the MACD line and the MACD indicator has finally had a bullish session after 22 consecutive bearish sessions.
- Bulls will need to negotiate resistance at $85, $87, and $90 to have any chance of taking the price back into the $100 zone.
LTC/USD 4-Hour Chart
- The 4-hour LTC/USD price chart had a bullish breakout from the green cloud of the Ichimoku indicator.
- The relative strength index (RSI) indicator is trending at 79.65.
- Since RSI is in the overbought zone, a bearish correction could be around the corner.
- Closest mid-term resistance lies at $85.
LTC/USD Hourly Chart
- LTC/USD bulls need to target short-term resistance at $85.
- The price still hasn’t reached the upper curve of the 20-day Bollinger band. This indicates that the upward movement isn’t as bullish as it could be.
- The squeeze of the Bollinger band shows decreasing market volatility.
- The hourly price is also trending above the SMA 200, SMA 50, and SMA 20 curves.
- The two latest sessions in the Elliot wave oscillator are bullish following nine consecutive bearish sessions.
Key Levels
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