Loading...
by Charalambos Pissouros

Litecoin Emerges Above 60.00

LTC/USD edged north on Tuesday, breaking above the psychological round figure of 60.00. On the 23rd of August, the cryptocurrency broke above the downtrend line drawn from the peak of the 25th of July, and now looks to be respecting a short-term uptrend line taken from the low of the 14th of August. All these technical signs suggest that the move above the 60.00 barrier may have signaled a near-term trend reversal to the upside.

In our view, the break above 60.00 may have opened the way for the next psychological zone of 65.00, also marked by the peak of the 9th of August. Now, if the bulls are strong enough to reach and breach that hurdle, then we may see them setting the stage for the next round figure of 70.00, or the 72.50 zone, defined by the inside swing lows of the 29th of June and the 6th of August.

Shifting attention to our short-term momentum studies, we see that the RSI moved higher and now appears ready to break above its 70 line, while the MACD lies above both its zero and trigger lines. These indicators reveal upside speed and corroborate our view for Litecoin to continue trading north for a while more.

On the downside, we would like to see a clear dip below the short-term upside line drawn from the low of the 14th of August before we start examining whether the bulls have abandoned the battlefield, at least in the short run. Such a dip could initially aim for the 54.00 support barrier, which if broken, could open the path for the round number of 50.00, slightly above the low of the 14th of August.

Litecoin LTCUSD 4-hour chart technical analysis

Disclaimer:

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Brokers, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Brokers analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyzes and must therefore be viewed by the reader as marketing information. JFD Brokers prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

 

WEEKLY FINANCIAL NEWSLETTER
RIGHT INTO YOUR MAILBOX!
SUBSCRIBE TO JFD'S STRATEGIC REPORT