Litecoin Finally sees a Bullish Break-Out

September 16, 2019 By: Lorenzo Stroe

Litecoin has been struggling to see any continuation after the recent attempt by the bulls to create an uptrend on the daily chart. They were able to form 3 higher lows but almost no continuation to the upside until today.

The bulls are seeing a lot of continuation today breaking above the recent resistance of $73.24 with a 5% price surge in only 2 hours.

The hourly chart shows 2 huge candlesticks creating a clear uptrend and breaking above EMA’s. Similarly, the 4-hour chart has confirmed an uptrend again with a big candlestick trading way above the EMA’s at $73.8 currently.

The daily chart is now in full control of the bulls which are looking for those EMA’s to cross bullish, probably within the next 2-3 days if they are able to keep up the momentum. The RSI is only at 54 points and there isn’t any nearby resistance until $76.1 and $79.29

The weekly has set a low at $62.05 but unfortunately for the bulls, the high is all the way up at $107.04 so the odds of breaking above that resistance in a single move are slim. The bulls would need to set a lower high followed by a higher low and then seek a break-out.

The monthly chart is looking to set a low of $62.05, this chart is favoring the bulls as they have more volume and they could see a continuation of the trend even by the end of this year.

Follow us on
Daily updates

Leave a Reply

avatar
  Subscribe  
Notify of