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



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