17.09.2019

LTC/USD Poised for Continuous Gains

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Litecoin price settled above the $32.00 and $33.00 levels against the US Dollar. LTC/USD is currently consolidating, but it looks set for more gains above $35.00-36.00.

Key Talking Points

  • Litecoin price is currently consolidating gains above the $32.00 support (Data feed of Kraken) against the US Dollar.
  • There is a short term contracting triangle in place with resistance at $34.50 on the hourly chart of the LTC/USD pair.
  • LTC price is likely to break the $34.50 and $35.00 resistance levels to climb further higher.

Litecoin Price Forecast

Yesterday, we saw a nice upward move above the $30.00 and $32.00 resistances in litecoin price against the US dollar. The LTC/USD pair also traded above the $35.00 resistance and traded close to the $26.00 level.

LTC/USD Poised for Continuous Gains

Litecoin price settled above the $32.00 and $33.00 levels against the US Dollar. LTC/USD is currently consolidating, but it looks set for more gains above $35.00-36.00.

Looking at the chart, LTC price traded as high as $35.93 and settled above the 100 hourly simple moving average. Later, the price started a downside correction and traded below the $35.00 and $34.00 support levels.

There was also a break below the 23.6% Fib retracement level of the recent upward move from the $28.30 swing low to $35.93 high. However, the downside move was protected by the $32.80-33.00 zone.

There was no test of the 50% Fib retracement level of the recent upward move from the $28.30 swing low to $35.93 high. The price is currently consolidating above the $32.80 level and it seems like it is preparing for the next move.

More importantly, there is a short term contracting triangle in place with resistance at $34.50 on the hourly chart of the LTC/USD pair. If there is an upside break above the $34.50 resistance, the price will most likely break the $35.00 and $36.00 resistances as well.

On the downside, the $32.80 level is a decent support. If litecoin price breaks the $32.80 support, it could slide towards the $31.80 support and the 100 hourly simple moving average. The overall price action is positive for LTC and buyers may soon make an attempt to push the price further higher.

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