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Will a Bullish Litecoin Rise Above the Resistance? (LTC/USD and LTC/EUR Price Analysis for 04/19/19)

3 mins
Updated by Valdrin Tahiri
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At BeInCrypto, we regular price analyses and predictions for Litecoin (LTC). In our Apr 17 Litecoin (LTC) analysis, we predicted price increases. Our prediction was validated the next day when the price broke out from the pattern we have defined below. In this analysis, we examine Litecoin’s price in both euros and dollars to predict possible fluctuations in LTC/USD($) and LTC/EUR(€).

On Apr 11, 2019, the price of Litecoin reached an hourly high of $85.50 and €76.22. A sharp decrease was followed by a gradual increase. The price made another low of $74.70 and €66.38 on Apr 15.
Litecoin has been on an uptrend since:
Litecoin Market Outlook
LTC/USD and LTC/EUR Prices: Apr 11 – Apr 19
Will Litecoin embrace the bulls and ride to new highs or fall to new lows? Let’s find out:

Litecoin (LTC): Trends And Highlights For April 19, 2019

  • The price of LTC has been on a downtrend since Apr 11.
  • It is trading inside a symmetrical triangle.
  • Bullish divergence is developing in the RSI.
  • There is resistance near $87/€80.

Descending Wedge

The price of LTC/USD on Bitfinex was analyzed at one-hour intervals from Apr 5 to Apr 17 to determine the current trading pattern. We do not include euros in this section because only one trading pair is needed to generate the current trading pattern. Both LTC/USD and LTC/EUR are discussed in the final two sections.
On Apr 11, the price reached an hourly high of $85.5. Several market cycles have been completed and the price has made lower highs each time. Tracing these highs gives us a descending resistance line: LTC Descending Resistance On Apr 15, the price reached a low of $74.72. A gradual increase was followed by a gradual decrease. The price has made several higher lows. Tracing these lows gives us an ascending support line. The support and resistance lines combine to create a symmetrical triangle: LTC Symmetrical Triangle Litecoin is likely to trade inside the confines of the triangle until a decisive move occurs. In order to predict the direction of the move, we need to take a look at technical indicators.

Previous Breakdown

We begin by incorporating the RSI into our analysis.
The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Combining  RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations. These are traced below alongside the price:
Bullish Divergence LTC
On Apr 11, the price reached a low of $75.53. It made a lower low of $74.72 on Apr 15. Similarly, the RSI reached its first low for the period on Apr 11. However, it has proceeded to generate higher values. This is known as bullish divergence and often precedes price increases. Using this indicator, it is likely that the price will break out of the triangle. 

Future Movement

To better determine actual future price levels, we examine resistance areas.
Resistance areas are formed when the price reaches a certain level several times. In the case of a breakout/breakdown, they can provide likely areas of reversal.
One resistance area is shown for LTC/EUR in the first graph and LTC/USD in the second graph:
Resistance Areas
LTC/EUR Resistance Area
Reversal Areas
LTC/USD Resistance Area
The closest resistance area is found near $87 and €80. If the price breaks out of the triangle, it is likely to reach this area. We believe this to be likely.

Summary Of Analysis

Based on this analysis, it is likely that the price will break out of the triangle and reach the resistance area at $87 and €80. Do you think the price of LTC will break out from the triangle?  Let us know in the comments below. If you’re interested in 2019 and 2020 price predictions for Litecoin in dollars, click on the green 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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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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