TA on LTC/USD...
We can observe some bullish action from litecoin over the past few days, bouncing right off the 200MA (in red) and testing the upper resistance line of the channel.
The ideal scenario would be for a 'golden cross' - where the short term moving average (50MA in green) crosses over the long term moving average (200MA in red). The past 3 months have seen good increase in volume, and for all those bulls out there, lets hope the bullish volume and momentum is able to maintain itself. The next resistance level is approx $70, while the support at $50 as a big even, and psychological level.
Regardless, i'd play close attention to the 4hr charts, looking as it maintains higher highs and higher lows. We may see a traceback to $50 before retesting for a breakout. The key is to watch for volume. Another thing is to pay attention to the Bitcoin price as it has a strong influence on Litecoin's USD value.
Till next time, Trade Safe!
We can observe some bullish action from litecoin over the past few days, bouncing right off the 200MA (in red) and testing the upper resistance line of the channel.
The ideal scenario would be for a 'golden cross' - where the short term moving average (50MA in green) crosses over the long term moving average (200MA in red). The past 3 months have seen good increase in volume, and for all those bulls out there, lets hope the bullish volume and momentum is able to maintain itself. The next resistance level is approx $70, while the support at $50 as a big even, and psychological level.
Regardless, i'd play close attention to the 4hr charts, looking as it maintains higher highs and higher lows. We may see a traceback to $50 before retesting for a breakout. The key is to watch for volume. Another thing is to pay attention to the Bitcoin price as it has a strong influence on Litecoin's USD value.
Till next time, Trade Safe!