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:
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.
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:
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:
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.
We begin by incorporating the RSI into our analysis.
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.
To better determine actual future price levels, we examine resistance areas.
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.