Home Litecoin Litecoin / USD Technical Analysis: Climbing The Pit – Crypto Briefing

Litecoin / USD Technical Analysis: Climbing The Pit – Crypto Briefing

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  • Litecoin has a short-term bullish bias, with the cryptocurrency advancing to a fresh 2019 trading high
  • The LTC / USD pair retains a strong bullish outlook over the medium-term
  • The daily time frame shows a large inverted head and shoulders pattern with a sizeable upside projection

Litecoin / USD Short-term price analysis

Litecoin is bullish over the short-term, with buyers rallying the cryptocurrency to its highest trading level since September 2018.

The four-hour time frame shows that the latest surge has triggered a large inverted head and shoulders pattern, with a bullish pattern reaching its upside objective already.

Technical indicators on the four-hour time frame are moving higher and continue to signal further upside.

LTC / USD H4 Chart                                                                         (Source: TradingView)

Pattern Watch

Traders should note that the LTC / USD pair may be at risk of a near-term technical correction now that the bullish pattern on the four-hour time frame has reached its upside target.

Relative Strength Index

The Relative Strength Index is bullish on the four-hour time frame, although it has reached overbought territory.

MACD Indicator

The MACD indicator has turned bullish on the four-hour time frame and continues to generate a strong buy signal.


Litecoin / USD Medium-term price analysis

Litecoin remains bullish over the medium-term, with the cryptocurrency continuing to advance away from its key 200-day moving average.

The daily time frame shows that the latest advance in LTC / USD pair has created a large inverted head and shoulders pattern with a sizeable upside projection.

Technical indicators on the daily time frame are starting to appear somewhat overstretched.

LTC / USD Daily Chart                                                                         (Source: TradingView)

Pattern Watch

The upside objective of the bullish inverted head and shoulders pattern on the daily time frame would take the LTC / USD pair towards the June 10th, 2018 trading high.

Relative Strength Index

The Relative Strength indicator is bullish on the daily time frame, although it is showing slight bearish price divergence.

MACD Indicator

The MACD indicator is conflicting on the daily time frame, with the MACD signal line slightly overbought whilst the MACD histogram is lagging.


Conclusion

Litecoin has enjoyed a strong start to the month after a fairly lackluster period of price consolidation around the $60.00 level.

The emergence of the large inverted head and shoulders pattern on the daily time frame may trigger an even stronger rally above the $100.00 level over the medium-term.

A minor technical pullback may occur if bulls struggle to move price above neckline resistance on the daily time frame.

  • Litecoin
    (LTC)

  • Price

    $72.97

  • Market Cap

    $4,468,391,812.98

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Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.

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