- Litecoin is up by 2% at the time of writing following the steps of other major cryptocurrencies.
- LTC/USD is trading above the daily 12-EMA again and it’s eying up to $50.
Litecoin has just experienced a significant bull break, around a 2% price surge but was rejected at $47. Let’s take a look at the next resistance levels for Litecoin on its way to $50.
LTC/USD faces some opposition at around $46.91 where the previous daily high and the upper Bollinger Band on the 4-hour chart are converging. Of course the $47 resistance level and $47.24, the previous high on the 4-hour chart.
Litecoin is currently trading around a significant area of support. The area between $46.59 and $47.67 is fairly strong with the SMA200 on the hourly and the SMA50 on the 4-hour chart, as well as, the 38.2% Fibonacci on the weekly and the SMA10 on the 15-minute chart. Other than that, Litecoin can look for previous daily lows for deeper support levels.
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacent price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.