Litecoin price analysis: LTC/USD reclaims $70 support amid broad-based crypto recovery

Litecoin tests $72.00 resistance but leaves it unbroken. Current technical levels have bearish inclination; there is a possibility for sideways trading between $70 and $72.
 Litecoin is among the weekend biggest gainers alongside Ethereum and Bitcoin Cash.
 The altcoins are said to be fighting to find their path away from Bitcoin.
 The largest cryptoasset is hovering above $10,300 as discussed in an earlier published analysis.
 The lower high pattern recorded last week met its end on meeting the main ascending trendline at $67.52. The buyers pushed LTC above the simple moving averages; the 50 SMA on the one-hour chart at $69.11 and 100 SMA at $69.49.


 This move allowed the bulls to boost Litecoin upwards and reclaim the support at $70.

Further movement north brushed shoulders with $72 but sadly the bullish magic stopped here. Litecoin is trading at $71.61 at the time of writing following a 2% increase in value on the day.
 The Elliot Wave Oscillator has a transitioned from a continues bullish session to the first bearish session on Monday.
 The correction towards $70 support is likely to continue as long as Litecoin fails to break $72.00 resistance.

 



 The Relative Strength Index (RSI) retreated from the overbought region and is now holding ground at 66.66.
 If the indicator continues with the current sideways trend, we are likely to see Litecoin dance between $70 support and $72 resistance level.
Read the full topic at
https://www.fxstreet.com/cryptocurrencies/news/litecoin-price-analysis-ltc-usd-reclaims-70-support-amid-broad-based-crypto-recovery-201909160552

Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20
IF you be an admin for your telegram group you can order from the link

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more