2019-2-9 17:09 |
Long-Term Outlook Litecoin [LTC] Weekly ChartA look at the Weekly chart for Litecoin shows that price is currently forming a bullish engulfing weekly candle.
Price is currently trading at $44 after briefly touching the resistance near $50 and retracing.
The price is facing resistance from the moving averages, most notably the 200-period MA (white) and trading below all the other MAs.
After a long period of bullish divergence, the MACD is moving upward with strength, possibly wanting to turn positive for the first time in more than a year.
The RSI is at 47 and moving upward with strength.
It is worth keeping an eye on if the weekly candle closes above or below the 200-period MA.
Medium-Term Outlook Litecoin [LTC] 3-Day ChartA look at the 3-day chart shows us that price is also facing resistance from the edge of the Ichimoku cloud, which coincides with the $50 area of resistance.Price is trading below the 50 and 200-period MAs.
However, the MACD is moving upward with strength and is almost positive.
Litecoin [LTC] Daily ChartA look at the Daily chart shows that price has reversed after touching the 200-period MA, forming a long wick in the process, indicating that there is still a lot of selling power.However, the Ichimoku cloud is positive for the first time in more than six months, and the price is trading above the 7, 21 and 50-period MAs.
The closest support area is formed by the previous resistance near $40.
Short-Term Outlook and Price Prediction Litecoin [LTC] 2-Hour ChartA look at the 2-hour chart shows signs of short-term weakness.After a bullish candlestick with a long upper wick, the price has developed very significant bearish divergence in the RSI, and the MACD is close to making a bearish cross.
Price Prediction:Even though I am bullish on Litecoin in the long-term, I believe that the upward move has lost most of its power, and during the next week, the price will retrace to the area of support near $41.
Conclusions: The weekly candle is a bullish engulfing candle. Price faces significant resistance from long-term moving averages. There is short-term bearish divergence.Litecoin Price Prediction: LTC Initiated a Strong Upward Move, Can We Predict the Top? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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