Market Update


Insights for the Asian Crypto trading session Friday 15/02/19

  • BTC/USD: Range bound between $3,600-$3,700 awaiting break in either direction

  • ETH/USD: Bulls holding above $120 for now

  • XRP/USD: Confined between resistance and support of pennant structure

  • LTC/USD:  Reclaims fourth position in market cap

  • EOS/USD: Price rejected at $3.00, trades lower towards 200 hour MA

LTC/USD Technical Analysis: Reclaims number 4 position

  • LTC/USD trading moderately lower in line with global weakness in crypto

  • Forecast  still bullish whilst price remains above $40

  • Forming bullish flag on hourly chart

LTC/USD  Daily chart


Our Forecast

LTC/USD: Litecoin touched an overnight low at $39.55 before recovering to $41.13 by the time of writing. The coin reclaimed the fourth place in the global cryptocurrency market cap despite a 13% price decline from its recent highs over the past few sessions. LTC remains one of the best performing coins in recent seven days with nearly 25% of gains.

Looking technically, LTC/USD has a chance to resume the recovery as long as the price stays above $40.50, guarded by 200 hour MA at $40.55). It is followed by critical flag support at $39.50 on the hourly chart.

On the upside, the short-term hourly flag resistance is seen at $43.50. A move higher will clear the way towards a stronger resistance of $47.36. We recommend buying dips towards $41.00/$40.55 area, with tight stops at $39.40, and take profits placed initially at $44.50 and then $47.50 areas. 

Daily Technical Analysis Summary: Neutral

Moving Averages: Buy

Oscillators: Buy

Support 1:               $40.55

Support 2:              $40.00

Resistance 1:           $42.40

Resistance 2:          $43.80

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