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Insights for the Asian Crypto trading session Friday 08/03/19

  • BTC/USD: Bulls defend $3,700 support, trending higher

  • ETH/USD: Ethereum reclaims $140, trend remains positive

  • XRP/USD: Price action continues sideways, lacks direction

  • LTC/USD:  Litecoin to the moon, adds 20% in 7 days

  • EOS/USD: Price explodes 30% higher, eyes $4.00

LTC/USD Technical Analysis: Skyrocketing gains add 20% in a week

  • LTC/USD 24 hour volume 2.4 billion versus ripple 700 million

  • Litecoin moves into 4th position based on market cap

  • Long trade recommendation closed at $57, returning 22%

LTC/USD 4 Hourly chart

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Our Forecast:

LTCUSD: LTC/USD is seen trending 0.28% higher at the time of writing. Litecoin is among the biggest gainers of March 2019.

In the past seven days, the digital asset recorded 20% in gains.

Bullish momentum approached $60.00 but hit a snag at $58.00 overnight. Moreover, the price is trading higher highs and higher lows within an ascending channel.

Litecoin is currently changing hands at $56.81 while the bulls are eying $60-$65 in the short-term. Price is currently trading outside of the bullish ascending channel with channel support and resistance seen at $38 & $52 respectively. Price will need to hold support above the top of the channel at $52 for the bullish run to continue higher towards the immediate target of $60.00. A move back into the channel could see a quick retracement towards $42-$43 support zone.

Meanwhile, both the 100 & 200 hourly MA are trending higher providing short term support at $49 and $51.20 respectively.

Daily Technical Analysis Summary: Strong Buy

Moving Averages: Strong Buy

Oscillators: Buy

Support 1:               $52.50

Support 2:               $51.50

Resistance 1:                $58.00

Resistance 2:          $60.00

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.