Market Update


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 Daily 150319.JPG

Our Forecast:

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

Oscillators: Neutral 

Support 1:               $54.80

Support 2:               $53.80

Resistance 1:               $57.05

Resistance 2:          $58.30

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.