- LTC/USD forms a golden MA cross on the daily candle charts crossing $59 USD.
- Litecoin (LTC) targets major resistance level at $68.00 USD.
Litecoin seems to be drifting away from Bitcoin’s bearish market sentiments as its USD pair gained over 6% in the past 48 hours to trade at a current price of $59.40 USD following a huge $2.30 USD spike in the past 4 hours. The positive sentiments growing across Litecoin’s community are strengthened by a positive outlook on the technical indicators which signals a possible start of a bullish momentum in the crypto’s price market.
LTC/USD rises forming a golden cross
Looking at the 4 hour charts, LTC/USD is closing in on a formation of a golden cross, the short term 50 day MA line (red) crosses above the long term 200 day MA line. A ‘golden cross on LTC/USD signals a possible bullish uptrend towards testing resistance levels at $64, $67, and $68 in coming days.
The price candle is currently trading above the middle Bollinger Band (BB) signaling a possible run-up towards the upper band. Price bounced off the support level of the bearish channel at $57.40 USD with bulls taking control of the sustained uptrend since Oct. 23.
The overall volatility in the crypto market has been dropping in the past few months with volumes traded also dropping in the past few days as traders look for the next move. LTC/USD’s has followed the trend seeing a current squeeze on the BB bands signaling a possible period of high volatility in the near future.
A case to buy alts?
The crypto market bulls are finally showing meager signals of taking over from the extended bearish period. LTC, currently ranked 6th on Coinmarketcap listing with a total cap of $3.8 billion, has been one of top beneficiaries in the crypto-revival in the past 24 hours. LTC/USD bulls spurred the coin 2.20% in the past 24 hours, registering the highest return among the top 10 cryptocurrencies during the period.
Unless we get another $3k China candle, the R:R on going long/short on $BTC just isn’t there on low time frames..
Buy the Alt dips.
— Pick A Crypto | FA & TA | Amateur Trader 💰 (@PickACrypto) November 17, 2019
The surge comes at a time most top altcoins across the field are experiencing green daily candles for the first time in a week, witnessing slight gains between 0.05% and 5%. Some investors see thid as a chance to stock up on alts as BTC falters below $8,500.
Images from TradingView