Fundamental analysis and financial markets. Litecoin News and Talking Points – Litecoin looks set to move higher if the recent downtrend is broken convincingly.
– Fibonacci resistance at $210 is the first target. If you are interested in trading cryptocurrencies we have just released a new Guide to Day Trading Bitcoin and Other Cryptocurrencies to help you navigate the market.
We will be discussing a wide range of topics covering cryptocurrencies, security and blockchain with former Ethereum CCO Stephan Tual at a Special Live Discussion on March 13 at 14:00 GMT. After slipping from a recent high of $254 on February 20 to a low print of $158 on March 9, Litecoin (LTC) has turned around on the chart and trades back above Fibonacci retracement at $172.
The token is also touching the current downtrend line and a break and close above this should leave the 50% Fibonacci retracement level at $210 as the first target. The stochastic indicator has turned around from being extremely oversold, while the IG Client Sentiment Indicator shows that while LTC traders are still net-long, recent positioning changes highlight a mixed trading bias.
Support should set in at the previously mentioned $172 ahead of a double-low at $158. We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT. Read more from dailyfx.com…
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