Market Update

Insights for the Asian Crypto trading session Monday 17/12/18

  • BTC/USD: Holds support at $3,200, up 5% in the overnight session

  • XRP/USD: Ripple attempting to break back above $0.30 cents

  • ETH/USD: Looks into the abyss towards $80 and rebounds 5%

  • BCH/USD: Loses market cap position to Litecoin

  • XLM/USD: Stellar trades fresh 2018 lows

Litecoin Technical Analysis: LTC/USD moves past BCH/USD market cap, gains most versus peers in the session

  • LTC/USD gains most for the day among major cryptos

  • Breaks above 100 and 200 hourly MA in 10% rally

LTC/USD  Hourly chart

LTC.jpg

Our forecast

LTC/USD: At the time of writing Litecoin is trading at $25.73, up 10% on strong volumes as its market cap moved above Bitcoin Cash spurring further demand for the crypto currency unit. From an hourly perspective, LTC/USD has  broken above the 100 & 200 hour MA’s around $23-$24 respectively on surging demand as it pushed above Bitcoin Cash’s market capitalisation. Support is now seen towards the 100/200 hour MA confluence zone between $23-$24, where the 100 hour MA looks poised to cross above the 200 hour MA providing a further bullish price signal. LTC/USD remains a buy on dips towards $24-25 zone with initial targets seen towards $27.50 and then $33.50, only a move back below support at $23 will negate the bullish outlook.

Hourly Technical Analysis Summary: Buy

Moving Averages: Strong Buy

Oscillators: Neutral

Support 1:              $24.10

Support 2:             $23.80

Resistance 1:           $26.70

Resistance 2:          $27.50