Litecoin price analysis: LTC/USD moving within bullish pennant on 4-hour time frame
LTC/USD price bouncing within a bullish pennant on a 4-hour time frame.
Litecoin is trading in proximity to both the 50 and 100 DMAs, around $212.
The Litecoin price is seen up around 2% during trading on Thursday, remaining above that key $200 mark. The price has been flirting with this key psychological level for the whole trading week, yet to make a convincing break away.
LTC/USD is trading in proximity to both the 50 and 100 DMAs, around $212. Price action isn’t fully clear as of yet, in terms of providing too much indication as to investors commitments into the crypto. The moves have stabilized in the last couple of weeks, in comparison to the big moves observed at the back end of 2017 and early this year, January.
Technically, Litecoin on a 4-hour time chart view, is bouncing within a bullish pennant chart pattern, pending potential breakout to the upside. Resistance is currently tracking at the upper trend line, seen around $220, with support now proving to hold at $200.
LTC/USD 4-hour chart
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Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
