Breaking News / Bitcoin Cash / Analytics / Litecoin
Litecoin (LTC/USD) gained ground early in today’s Asian session as the pair appreciated to the 70.46 area after encountering some difficult technical Resistance during yesterday’s European and North American sessions. During yesterday’s Asian session, the pair traded as high as the 72.25 level before coming off and then depreciated as low as the 68.01 area during yesterday’s European session. LTC/USD briefly traded below the 100-bar MA (4-hourly) during its pullback, and then orbited the 69.47 area for a couple of trading sessions, a level that represents the 61.8% retracement of the 22.17 – 146.00 range.
Sentiment continues to remain weak for LTC/USD with a significant chance of further erosion on the downside. There is a legitimate possibility the pair could depreciate further to the 64.86 area and then weaken to test the 62.58 area, representing the 38.2% retracement of the move from 127.95 to 22.17. Some chartists are speculating the pair could also depreciate to test the 59.97 and 51.39 areas, a downward move that could possibly open up a downside price objective around the 47.13 area if the pair gets below the psychologically-important 50.00 figure.
Price activity is nearest the 100-bar MA (4-hourly) at 68.55 and the 50-bar MA (Hourly) at 68.35.
Technical Support is expected around 64.86/ 59.97/ 51.00 with Stops expected below.
Technical Resistance is expected around 75.06/ 83.36/ 87.54 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Bitcoin Cash (BCH/USD) gained some ground early in today’s Asian session as the pair reached the 304.99 area after buying activity lifted the pair higher from the 293.57 area during yesterday’s European session.