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LTC/USD technical analysis: Price is halted by a resistance level but is still positive for the session

  • Litecoin bucks the crypto trend to trade higher today, LTC/USD is up 1.69%.
  • The price was halted by a intraday trendline which matched a resistance level.
LTC/USD technical analysis: Price is halted by a resistance level but is still positive for the session
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily
Litecoin analysis

LTC/USD had a move higher but the progress was stopped by an intraday trendline.

Now it looks like the price is heading to support level near the 70 mark, with the next one at 70.53.

Interestingly the RSI is giving a slightly different signal. It looks like a failure swing or hidden divergence is setting up for a move higher. 

This is when the price makes a higher low but the indicator breaks lower into an oversold position.

It does seem like momentum is with the bears but if price breaks above 71.18 again we could make another run for the trendline.

The volume at price indicator on the left hand side is showing a big amount of volume at 70.50 so keep an eye on price action at that level.

The main thing is on the daily chart price is still in the back and positive for the session. Lets see if it can stay that way.

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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