Litecoin price is forming another bullish flag pattern, upside capped below $165.
Indicators; the MACD and the RSI highlight a bear momentum in the short-term.
Litecoin price has tested the resistance level at $165 but still has not been able to break past the selling pressure. LTC/USD is up more than 5% in the last 24 hours on Thursday, although it lacks the catalyst to support the gains. The price is forming a second bullish flag pattern on the 15’ timeframe chart pending an upside breakout. Recently Litecoin sought refuge at $158, preventing further declines.
The moving averages on the same chart show bullish signals in the near-term as the weekend approaches. Other indicators like the MACD and the RSI highlight a bear momentum in the short-term. A growing bear momentum is in progress while $162 is an immediate support. Below this level, the bullish trend line will support the price. Moreover, the next targets on the downside are $160 and $158 respectively.
On the upside, LTC/USD will face resistance at $164 as it retraces its step upwards. Significantly, $165 is a major hurdle to the upside, but it also good to note that the bulls are looking forward to $170.
LTC/USD 15’ chart
BEST BROKERS TO TRADE CRYPTO
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.