Insights for the Asian Crypto trading session Friday 15/03/19
BTC/USD: Bitcoin wedged between $3,800 and $4,000
ETH/USD: Ethereum bulls and bears evenly matched
XRP/USD: Technical opportunity for the bulls, can they take advantage
LTC/USD: Litecoin subject to a potential breakout higher
EOS/USD: EOS bears unable to take out $3.50 level, price bounces back above $3.60
LTC/USD Technical Analysis: Remains subject to a potential breakout higher
Litecoin price trading modestly higher with gains of 0.5% on Friday.
Daily price action has formed a bullish flag pattern, subject to a potential breakout higher
LTC/USD Daily chart:
LTC/USD: On the daily chart, price action is still moving within the confinements of a bullish flag pattern. Whilst we acknowledge that these flag patterns are typically continuation patterns, in this particular case given the fact that LTC/USD has traded as low as $22 this year and is consistently trading over $1.5 billion in daily volume, we believe that this flag pattern represents a downtrend reversal and are trading from this viewpoint. As such we recommend looking to buy at current market, $55.50, with profits placed at $73.50 and a s/l placed at $44.80.
Daily Technical Analysis Summary: Strong Buy
Moving Averages: Buy
Support 1: $54.80
Support 2: $53.80
Resistance 1: $57.05
Resistance 2: $58.30
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