Litecoin Price Analysis: Holding Above 36.8 Level That Can Hold

LTCUSD is trading above the important 36.8 level where it has some strong support and where it bounced already several times in the last days and…

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LTCUSD is trading above the important 36.8 level where it has some strong support and where it bounced already several times in the last days and weeks, therefore, this is primary support that can hold. LTCUSD is trading below the 200 and 100-EMA which makes it currently more bearish but the fact that there is much room to go and test the EMAs makes it an interesting conclusion that can confirm further.

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LTCUSD Price Analysis Chart

LTCUSD chart by TradingView

Also LTCUSD is building a donwtrend channel here which can confirm either to the upside or stay more in the
downtrend channel before it confirms to the upside like it is often the case in such a structure.

Above the downtrend channel LTCUSD has the Fibonaccis where the first step is at the 61.8% Fibonacci-mark
it will be good to see how LTCUSD reacts in this mark and if it succeeds to take out this mark which will be bullish.

The RSI is sending some moderate signs which can confirm to the upside and touch the overbought region.
The MACD sending neutral signs at the moment and can confirm to the upside with a bullish cross.

TREND: Stabilized

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FORMATION: Downward channel, Support range, Fibonacci structure

EXPECTATION: Confirmation above the downward channel

FULFILLMENT: Sooner or later

TREND AFTER EXPECTATION: Upside

PREV: 41.175

OPEN: 41.190

VOLUME: 11.305K

DAY’S RANGE: 41.033 — 42.049

To get the daily price analysis, Follow us on TradingView

Vince Prince

Vince is an experienced trader, investor and financial analyst within the markets in which he concentrates on the cryptocurrencies and decent opportunities within them to trade in a professional oriented manner. You can follow him at trading view market insight at: https://www.tradingview.com/u/VincePrince/ Or you can join his telegram channel: https://t.me/vinceprince_channel

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