Market Update

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 Daily 200219.JPG

Our Forecast

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

Oscillators: Sell

Support 1:               $46.88

Support 2:               $46.00

Resistance 1:               $48.80

Resistance 2:          $51.50

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.