Litecoin Price (LTC): Trends and Highlights for June 11, 2019
- LTC/USD broke out of horizontal resistance.
- The breakout occurred with significant volume.
- The LTC price is trading inside a long-term ascending channel.
- A bearish divergence has developed in long-term timeframes in the RSI.
- Moving averages have made a bullish cross.
- There is resistance near $140 and support near $92.
Previous Movement & Fib Areas
As seen above, the next resistance areas can be found at $140, $154 and $172, coinciding with the 0.786, 0.88 and the full fib extension.
The previous two weekly candlesticks were dojis, indicating that there is indecision in the market and signs of a possible reversal. However, this week’s bullish candle invalidated the possibility of an immediate reversal.
Technical Indicators
At the time of writing, the price is very close to the resistance line of the channel.
Will it break out?
In order to answer this question, the price is analyzed at daily intervals alongside the RSI and the 10- and 20- day moving averages below:
On May 6, the 10-day MA crossed above the 20-day one. This often indicates that an uptrend has begun. In the case of LTC, it initiated the move from $80 to the current price.
However, since reaching a high of $106 on May 16, the RSI has created bearish divergence. This often precedes price decreases.
The use of these indicators makes a breakout from the channel unlikely. The long-term divergence indicates that the upward move is losing power. However, as evidenced by the moving averages, we are in an uptrend. Therefore, increases at the rate predicted by the channel remain a likely possibility.
Finding Long-Term Support
One support and one resistance area is traced for LTC/USD below. If the LTC price begins a decisive upward or downward move, they are likely to provide a reversal.
Summary
The Litecoin price is trading inside a long term ascending channel. Based on this analysis, it is likely that the price will continue to increase at the rate predicted by the channel until it reaches the resistance area outlined above. Do you think the Litecoin price will reach the resistance area? Let us know in the comments below. If you’re interested in 2019 and 2020 price predictions for Litecoin in dollars, click on the blue button below Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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