Conclusion for today’s Litecoin technical analysis:
Conservative entry into a long (buy) position(s) involves buying a breakout above $39.62
The 6 hour timeframe candlestick chart is presented in today’s Litecoin price analysis with coverage of market action over the past 5 months. Previous analysis is provided here.
Downward momentum was maintained up until price hit a low of $22.84 on December 7, 2018 followed by a bullish price swing that reached a price high of $39.62 on February 08, 2019.
Bearish trendline in Litecoin lasting just over 5 months is indicated on the chart and was successfully broken to the upside as part of the development of bullish momentum that climaxed on February 08, 2019.
The current bearish trendline is anticipated as support on further retracement of price, which implies the $38 price level indicating a possible change in polarity i.e. previous resistance acting as support.
Lower support level (i.e. between $30.32 and $28.48) is also indicated on the chart and expected to provide support should selling continue below the $38 level. Moreover, the current bullish trendline from the December 7, 2018 low in price is also drawn on the chart as region to watch out for price consolidation.
The most conservative approach to going long (buy) on a breakout above $39.62.
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