Here’s this week’s Litecoin (LTC) price technical analysis from Dmitriy Gurkovskiy, a chief analyst at RoboForex. In the short term, Litecoin has entered an ascending channel, which can be confirmed by the resistance breakout on H4.
The projection channel resistance at $200 was also broken out by the bulls at the very first attempt. This means that, speaking short term, Litecoin may reach the upper projection channel border at $280 through the intermediate resistance at $266, chief analyst at RoboForex Dmitriy Gurkovskiy says.
Keeping above $220 is very important for Litecoin, as this is the level that separates the downside area from the upside. Previous chart data show a double bottom was formed at around $175, after which the price successfully went up.
This shows that the short term momentum may be quite strong. Speaking midterm, Litecoin is reversing after breaking out the channel resistance on D1.
After reaching the same target at $280, the price may head towards $307. Moving Average Convergence Divergence (MACD) is ready to leave the negative territory and give a full buy signal, while bear signals are fading out. Read more from coinspeaker.com…
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