Manoj B Rawal
Independent Analyst
- LTC ends the year with some key formations.
- The new year would be interesting for the crypto bulls and bears.
Litecoin is ending the year at a level where it is forming H&S pattern on a one-time frame, there are key support areas on another time frame and resistance just above the head and shoulder pattern (H&S). Bottom line - the start of the new year could give enough movements on either side of the trades.
LTC/USD is up about 0.75% on the day at $31.355 and is around high of the day. On the 480-minute chart, LTC has made Head and shoulders pattern and all that the bulls need is a break above $34 and $37.12 for this breakout. But, there's a catch - there lies another resistance in the form of a descending trendline around $35. Given the scenario, it would be a lot to ask from the bulls for a breakout.
On the other hand, the downside is limited too as there is ample support around $30 - neckline of the H&S pattern, at $28 in the form of 21 days SMA, $27 - earlier low and a strong support on the daily chart in the form of a falling trendline that has proved to be lifeline for the bulls throughout 2018.
LTC/USD 480-minute chart:
LTC/USD daily chart:
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