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/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
Support 1: $40.55
Support 2: $40.00
Resistance 1: $42.40
Resistance 2: $43.80
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