Litecoin Shows A Bullish Reversal Pattern, Will LTC Price Go To $70?

Litecoin Shows A Bullish Reversal Pattern, Will LTC Price Go To $70?

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Litecoin (LTC) has struggled towards Tether (USDT) as bulls proceed to push the value above the important thing help area, forming a bullish chart sample. Bitcoin’s (BTC) worth has proven much less steam in comparison with current instances; this has affected most crypto belongings, together with the value of Litecoin (LTC). (Knowledge from Binance)
Litecoin (LTC) worth has proven a lot energy after hitting a low of $42; the value bounced off from this area and rallied to $55. 
The value of LTC rallied to a excessive of $65 however was rejected as this proved to be a resistance for LTC on the weekly chart. 
LTC worth dropped to a area of $50, forming weekly help to carry off the value from promoting off. The value of LTC has continued to carry above help and construct momentum to interrupt above this area.
The value of LTC is at the moment buying and selling under its resistance, stopping the value from trending greater. If the LTC worth can not break previous this resistance of $57, we may see the value revisiting the help area at $50, appearing as a requirement zone for many buyers.
Weekly resistance for the value of LTC – $57.
Weekly help for the value of LTC – $50.
After falling from a excessive of $400, the value of LTC on the each day timeframe has fashioned an ascending triangle indicating a possible worth reversal might be imminent.
The value of LTC discovered its each day low at $40; as the value bounced off from that area, LTC’s worth has remained robust, buying and selling above $50, not permitting bears to take the value decrease. 
Regardless of being rejected lately from the $60 mark, LTC worth has proven nice bullish energy ranging within the ascending triangle and holding above its trendline help area. 
The value of LTC is buying and selling at $54 under the each day 50-day and 200-day Exponential Transferring Common (EMA).
The 50 EMA corresponds to the value of $57, appearing as a resistance for the value of LTC to development greater. If the LTC worth breaks and holds above the $57 akin to the 50 EMA, we may see the value trending greater to a area of $60, appearing as one other key help.
Day by day (1D) resistance for the LTC worth – $57-$60.
Day by day (1D) help for the LTC worth – $50.
The value of LTC on the 4H chart has continued to look bullish, buying and selling in an uptrend channel, making an attempt to carry above the trendline help space. BTC worth at the moment trades above the 50 EMA on the 4H chart. 
After forming an uptrend bullish bias on the 4H chart, the value of LTC has continued to commerce above this trendline as a break under this trendline appearing as help would invalidate the setup. 
LTC worth trades above the 50 EMA however under the 200 EMA, appearing as resistance for LTC costs. The value of $55 and $57 corresponds to the values of fifty and 200 EMA.
 
The Relative Power Index (RSI) for LTC on the 4H chart is above 50, indicating average purchase order quantity for the LTC worth.
4-Hourly (4H) resistance for the LTC worth – $57-$60.
4-Hourly (4H) help for the LTC worth – $50.
James is a blockchain author and technical Analyst with greater than 5 years of expertise within the crypto area.
NewsBTC is a cryptocurrency information service that covers bitcoin information at this time, technical evaluation & forecasts for bitcoin worth and different altcoins. Right here at NewsBTC, we’re devoted to enlightening everybody about bitcoin and different cryptocurrencies.
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