Litecoin (LTC) Breaks Out, Attempts to Retest the Overhead Resistance at $50

8 January 2020 | Updated: 8 January 2020

Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

LTC/USD Price Long-term Trend: Bullish
There is no denying the fact that the bulls have broken above the $42 resistance level. The bullish move has been sustained as the market continues its bullish run. The market is currently facing little resistance at the $48 price level. The coin can rise and break the $50 price level after the resistance.

Nonetheless, Litecoin is expected to reach the high of $60 once the $50 resistance is broken. Alternatively, if the bulls fail to break the resistance at $50, LTC may be compelled to a sideways move for a few days .We expect the price to fluctuate between $42 and $50.

LTC/USD - Daily Chart

Daily Chart Indicators Reading:
The exponential moving averages are at the point of a bullish crossover indicating the upward move. The MACD and the signal line are at the edge of a buy signal. The bands of MACD are yet to be above the zero line to give a reasonable buy signal.

LTC/USD Medium-term bias: Bullish
On the 4-hour chart, the price falls to the low of $36 and makes an upward move. It’s first upward move is at $41. After a pullback the coin moves up again to $42 price level. On the third upward move the coin moves up again to the high of $44.

At the high of $44, the price drops to the low of $39. The current upward move commences at that low and reached a high of $48. Litecoin is currently facing resistance at $48. The coin is likely to make a retest at the resistance level.

LTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The exponential moving average has made a bullish crossover, as the 12-day EMA crosses over the 26-day EMA. This indicates that the coin is rising. Litecoin is trading above 80% of the daily stochastic. The stochastic are sloping above the 80% range. This means that the coin is in a bullish momentum but the momentum is unsteady.

General Outlook for LTC
Litecoin is rising and at the same time approaching the $50 resistance level. Litecoin will continue its upward move if it successfully break above the $50 resistance. The price bars are above the EMAs; this implies that the coin will continue its upward move. All the indicators are virtually showing bullish signals. On the upside, if the price retraces, traders initiate buy order at the support level.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $47
Stop: $40
Target: $60

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.