Litecoin (LTCBTC) Bounces From Support (What Now?)

1 mai 2019

Litecoin (LTCBTC) had a really strong bullish wave that lasted from early December 2018 until early April 2019. Needless to say, this bullish wave generated massive profits (over 170% from bottom to top).

On the 6th April LTC started to retrace until it found support at the 0.786 Fib. retracement from the Feb-April wave, this is right below EMA100.

At this point, Litecoin printed a big green candle that managed to put it back above EMA100 as well as EMA10.

Now trading above EMA10, LTCBTC is showing good bullish potential, the next challenge is sitting 0.014492 or EMA50.

Let's get to business... Will Litecoin continue moving up?

• If you look at the MACD, you can see that it is starting to curve up and the histogram is going in favor of the bulls.
  
• The RSI downtrend has been broken and a strong bounce happened but it is still below 50.
  
• Volume isn't as strong as we would like to see for bullish confirmation, so we are seeing the good potential but still with some mixed signals.
  

To confirm additional bullish action we would have to see a lot more volume coming in in the next two days, as well as LTC remaining above EMA100, or even better, EMA10.

What's your take on where Litecoin (LTCBTC) is headed next?

Share your thoughts in the comments section below.

Thanks a lot for reading.

See you on our next call.

Namaste.