LITECOIN PRICE ANALYSIS: LTC POISED FOR BULLISH REVERSAL
Litecoin has recently broken out of a descending channel on the Bitcoin pair and looks poised for a bullish reversal as Bitcoin continues to create lower lows.
Traders speculate Bitcoins decline could fuel a Litecoin pump over the coming days.
On the 1 hour chart for LTC/BTC we can see a wedge type pattern has formed as price levels re-test close to the breakout point of the descending channel which will be visible on the daily analysis below.
Typically, price action will re-test any breakout point before Litecoin price levels begin to pump. The wedge has created a clear descending overhead resistance, which if broken will likely result in a dramatic increase.
The breakout point for the smaller wedge on the hourly chart sits just 1-2% above the current market price. A short-term decision will be made within the next 2-3 days, and will be determined by whichever direction price action breaks through the current wedge.
If the overhead resistance at 0.006900 sats is broken to the upside, a higher high for the visible range is expected to be made taking price levels to above 0.008000 sats.
Adversely, if price levels break-down through the wedge support, a drop to 0.0061000 sats is likely. Both the 50 EMA and 200 EMA are moving close to each other and will likely cross over in conjunction with a breakout.
If price levels breach either way out of the wedge I will be looking for a crossover of these EMA’s to take place along with increasing or decreasing volume to confirm the sustainability of the breakout or breakdown.
Read the full topic at
https://bitcoinist.com/litecoin-price-analysis-ltc-poised-for-bullish-reversal/
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Traders speculate Bitcoins decline could fuel a Litecoin pump over the coming days.
On the 1 hour chart for LTC/BTC we can see a wedge type pattern has formed as price levels re-test close to the breakout point of the descending channel which will be visible on the daily analysis below.
Typically, price action will re-test any breakout point before Litecoin price levels begin to pump. The wedge has created a clear descending overhead resistance, which if broken will likely result in a dramatic increase.
The breakout point for the smaller wedge on the hourly chart sits just 1-2% above the current market price. A short-term decision will be made within the next 2-3 days, and will be determined by whichever direction price action breaks through the current wedge.
If the overhead resistance at 0.006900 sats is broken to the upside, a higher high for the visible range is expected to be made taking price levels to above 0.008000 sats.
Adversely, if price levels break-down through the wedge support, a drop to 0.0061000 sats is likely. Both the 50 EMA and 200 EMA are moving close to each other and will likely cross over in conjunction with a breakout.
If price levels breach either way out of the wedge I will be looking for a crossover of these EMA’s to take place along with increasing or decreasing volume to confirm the sustainability of the breakout or breakdown.
Read the full topic at
https://bitcoinist.com/litecoin-price-analysis-ltc-poised-for-bullish-reversal/
Follow me on
Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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