LTCUSD Technical Analysis: Market Outlook for the Rest of 2018
LTC USD (Litecoin) technical analysis for today is presented on a 1 hour time frame with coverage of price action from December 7, 2018 to current date. Litecoin consolidating for ~7 days between December 7, 2018 and December 14, 2018 resulted in the formation of a double bottom chart pattern (ideally bullish) that was confirmed on December 16, 2018.
The bullish swing after confirmation of the bottom pattern reached a high of ~$37.68 on December 24, 2018 followed by a retracement of the current uptrend. A bearish price channel (tentative) is used to track price movement after the December 24, 2018 top in price action, as well as horizontal support lines.
The upper level for the support region i.e. ~$28.45 is coincident with the channel line and therefore increases the chance of Litecoin finding support between ~$28.45 and $27.00 if there is further retracement in price action. In this case, confirmation by momentum at support would be crucial prior to considerations for any long (buy) positions.
More conservative strategies would only seek to buy on a breakout above the December 24,2018 high in Litecoin i.e. $37.68. Price closing below ~$27.00 could trigger further bearish momentum that could see the price of Litecoin close below $23.
The bullish swing after confirmation of the bottom pattern reached a high of ~$37.68 on December 24, 2018 followed by a retracement of the current uptrend. A bearish price channel (tentative) is used to track price movement after the December 24, 2018 top in price action, as well as horizontal support lines.
The upper level for the support region i.e. ~$28.45 is coincident with the channel line and therefore increases the chance of Litecoin finding support between ~$28.45 and $27.00 if there is further retracement in price action. In this case, confirmation by momentum at support would be crucial prior to considerations for any long (buy) positions.
More conservative strategies would only seek to buy on a breakout above the December 24,2018 high in Litecoin i.e. $37.68. Price closing below ~$27.00 could trigger further bearish momentum that could see the price of Litecoin close below $23.
