LTC/USD moved lower yesterday, after it hit resistance near 182.10. However, the crypto triggered some buy orders at around 172.80 and rebounded to trade temporarily above the 182.10 mark. Now, it is back below it though. Overall, the cryptocurrency continues to print higher highs and higher lows above the upside support line taken from the low of September 29th and thus, we will consider the short-term outlook to be positive.
Another attempt above 182.10 could encourage the buyers to push the action towards the peak of September 16th, at around 194.70. They may decide to take a break after testing that zone, thereby allowing a retreat. But as long as that retreat stays limited above the aforementioned upside line, we would see decent chances for another leg north. This time, the bulls may overcome the 194.70 barrier, a move that could carry larger extensions, perhaps towards the inside swing low of September 6th, at 214.20.
Looking at our short-term oscillators, we see that the RSI lies slightly below 70 and has just turned up again, while the MACD runs slightly above both its zero and trigger lines. Both indicators detect upside momentum and support the case for some further recovery in this cryptocurrency.
Now, in order to abandon the upside scenario and start examining whether the bears have gained the upper hand again, we would like to see a dip below 163.30. This may confirm the break below the pre-mentioned upside line and could initially aim for the low of October 4th, at 154.25. Another break, below 154.25 could see scope for extensions towards the 142.53 level, marked by the low of October 1st, or towards the 139.40 zone, marked by the low of September 29th.
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.
72,99% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?