Insights for the Asian Crypto trading session Wednesday 20/02/19
BTC/USD: Bitcoin breaks $4,000, faces strong resistance at yearly highs of $4,400
ETH/USD: Bulls eyeing greater gains, fresh 2019 highs in sight
XRP/USD: Extends gains to the topside after breaking bullish pennant structure
LTC/USD: Holds decent gains at fresh yearly highs
EOS/USD: Breaks yearly range block formation, explodes 25% higher
LTC/USD Technical Analysis: Holds decent gains at fresh 2019 highs, potential risk of double top formation
Price supported by a wave of buying pressure that has come into play thanks to a breakout from a narrowing daily range formation.
Double-top formation eyed at the 10-11th February high area, where the price has stalled today
Target for break of bullish flag formation towards $57.00 if price holds above $40.00
LTC/USD Daily chart:
LTC/USD: Litecoin has tentatively broken through the previous double top 2019 highs at $46.55-$47.00 however a close above this level is now needed to turn the previous resistance zone into a strong buying support area. Short term moving averages remain supportive for a further move higher and from a daily perspective LTC/USD has traded above the 200 day MA for the first time since May 2018 which is a bullish signal from a longer term technical perspective.
The break of the recent bullish flag formation targets a profit zone towards the $57.00 region and as such we recommend buying dips towards $46.50/$47.00 with a tight stop loss placed at $41.90 and take profit at $57.00 representing a 1 to 2 risk/return ratio.
Hourly Technical Analysis Summary: Buy
Moving Averages: Buy
Support 1: $46.88
Support 2: $46.00
Resistance 1: $48.80
Resistance 2: $51.50
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