Market Update

20190215_Market_Update_Twitter.jpg

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

LTC+150219.jpg

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


The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.