Market Update

Insights for the Asian Crypto trading session Monday 11/02/19

  • BTC/USD: Litcoin pump pushes Bitcoin to $3,700

  • XRP/USD: Long Term bottom still protected, upside capped for now

  • ETH/USD: On the verge of breaking back above $120

  • LTC/USD: Litecoin rallie over 40%, drags entire crypto market cap higher

  • EOS/USD: Breaks rangeblock resistance at $2.55, explodes towards $2.90

LTC/USD Technical Analysis: Rally still has momentum towards $50

  • Litecoin bulls push the price 40% higher since Fridays session

  • Bulls may test the $52 resistance line on the daily chart

  • Price trading above the 100 Day MA at $34.30, challenging the 200 day MA at $46.80

LTC/USD  4 hour chart

LTC110219.JPG

Our Forecast

LTC/USD:  Litecoin single-handedly led the crypto recovery on Friday adding a whopping 40% to its value. The entire market reacted making movements north which culminated in the market adding $10 billion in total  market cap from $111 billion to $121 billion.

At the time of writing, Litecoin is trading at $46.41, its highest level since November 2018. The 24-hour trading volume has increased significantly from $652 million on Thursday 7 to $1.556 billion at the time of press.

Looking at the chart, the Litecoin rally still has the momentum to correct towards $50.00 with price supported by the positive signals from the 100/200 hourly MA,s and MACD. For the first time since January 6, the Relative Strength Index (RSI) has zoomed into the oversold territory. Moreover, the Moving Average Convergence Divergence (MACD) is approaching the levels in the first week of January where LTC/USD exchanged hands at $41.59. Meanwhile, if LTC/USD can maintain support above $40.00 will go a long way to ensure that the bulls gather strength to attack higher levels with the 200 day MA at $46.64 firmly in their sights, and then towards $52.00.

4 Hourly Technical Analysis Summary: Strong Buy

Moving Averages: Strong Buy

Oscillators: Buy

Support 1:               $41.80

Support 2:               $41.30

Resistance 1:               $46.64

Resistance 2:          $51.50






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