Fundamental analysis and financial markets. – Litecoin (LTC) chart highlights a sharp break may be on the way.
– Ripple (XRP) showed similar chart characteristics before Monday’s jump. 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.
Litcoin (LTC), the fifth largest cryptocurrency by market capitalization ($11.5b) is seemingly stuck in a very tight trading range at present, trading either side of 50% Fibonacci support at $210. Price volatility is low with the small candles seen in the last two weeks highlighting market indecision, and the potential for a breakout in either direction.
On the downside support at $172 should provide a strong backstop, although a break and close below opens weaker support at $150 and $132. On the upside, resistance between $232 and $237 needs to be cleared ahead of Fibonacci retracement at $248.
We looked at the Ripple’s Upside Breakout on Monday and the chart set-up looks similar to Litecoin in the last 8-10 trading sessions. Both charts are dominated by tight price action and low volatility with both digital tokens trading either side of strong support. Read more from dailyfx.com…
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