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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






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