May 27, 2019, the Litecoin price reached a high of $122. After gradual decreases, the price reached the same levels on May 30 and June 7.
An upward move which began on June 11 caused the LTC price to break out above this resistance level. The price has been increasing since. (To read our previous analysis click here)
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
On May 27, the Litecoin price reached a high of $122.21. A gradual decrease ensued. The price reached the same level four other times. Tracing these highs gives us a horizontal resistance line.
On June 11, the LTC price began an upward move and broke out of the resistance. The breakout occurred with significant volume, indicating that the buyers have strength.
Furthermore, the resistance line coincided with the 0.618 fib line of the entire drop from $172 on May 6, 2018.
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.