Litecoin technical analysis: Bulls start the day strong following two straight bearish days
- LTC/USD went up from $69.25 to $69.40 in the early hours of Friday.
- The daily price is trending horizontally in a flag formation.
LTC/USD daily chart
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Litecoin’s daily chart has had a bullish start to the day following two straight bearish days. The price of LTC/USD has gone up from $69.25 to $69.40 and found resistance on the downward trending line. While the price is trending below the 200-day simple moving average (SMA 200) and SMA 50 curves, it has found support on the SMA 20 curve. The moving average convergence/divergence (MACD) indicator shows increasing bullish momentum.
LTC/USD 4-hour chart
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The 4-hour LTC/USD chart is consolidating in a flag formation and trending below the SMA 200 and SMA 20 curves. The price has found support on the SMA 50 curve. The Elliott oscillator has had a bullish session following 13 straight bearish sessions.
LTC/USD hourly chart
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The hourly breakdown of Thursday shows that the price fell to $68.60 before the bulls stepped back in and took it up to $69.95. The bears then checked the price and took LTC/USD down to $69.10. Since then, the bulls have taken the price up to $69.40. The relative strength index (RSI) indicator is trending around the neutral zone.
Key Levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
