Rajarshi Mitra
Independent Analyst
- LTC/USD had a bullish opening this Friday as the price went up from $85 to $86.20.
LTC/USD daily chart
-636900219230119347.png)
- The bulls will want to aim for the $90 resistance level again.
- The three latest sessions look suspiciously like a potential evening star pattern, which is a bearish sign. However, if the latest candlestick remains bullish then it will negate that indicator.
- The MACD indicator shows increasing bullish momentum.
- The relative strength index (RSI) indicator curve is currently trending inside the overbought zone.
LTC/USD 4-hour chart
-636900218944799788.png)
- The 4-hour LTC/USD chart shows that the market found support on the upward trending line.
- The chart shows a potential head and shoulders pattern, which means more upside is expected.
- Narrowing of the 20-day Bollinger band shows decreasing market volatility.
- The Elliot Wave Oscillator shows decreasing bearish momentum.
LTC/USD hourly chart
-636900218710730748.png)
- The SMA 50 curve has crossed over with the SMA 20 curve which is a bearish signal. The latest session has managed to overtake this convergence of curves.
- The price currently has charted a bullish flag formation and a breakout is expected.
- The short-term target for bulls in the hourly chart will be the $88 level.
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