LTC/BTC Price Analysis: Bulls taking over to target 61.8% Fibo
- LTC/BTC is on the verge of breaking hourly resistance.
- The daily chart offers a bullish target in a 61.8% Fibonacci confluence area.
The crypto cross is moving into a bullish technical environment with MACD approaching zero and the price crossing the hourly 21 simple moving average.
The following is an analysis of the daily and hourly time frames that illustrates where the price would be expected to run to on a break higher in bullish hourly technical conditions.
Daily chart
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The daily chart's M-formation is a bullish pattern and the neckline has a confluence with prior structure as well as the 61.8% Fibonacci level.
Hourly chart
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The bulls are pushing the price higher for another attempt to break resistance and in doing so, MACD will be bullish and the price firmly above the 21-moving average.
The conditions will be ripe to target the daily resistance structure and the confluence of the 61.8% Fibonacci retracement level.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
