Litecoin’s steady advance has brought the price up to the highest level of June i.e. at $1.800, and it may go even higher as bulls tighten the noose on the bears. In my previous analysis titled, Buy, But Don’t Forget This!, I mentioned that Litecoin is a buy on dips candidate; that statement holds for today as well!
Litecoin is currently trading up 2.10% at $1.797.
Litecoin’s chart structure is strongly bullish, however, the technical indicators reflect a mixed outlook. A 240-minute LTC-USD price chart has been analyzed here.
Litecoin Chart Structure – Litecoin’s higher top, higher bottom chart structure remains comfortably strong as the price scales new highs. The cryptocurrency will now face Resistance at $1.820 while the upward sloping support line will act as a cushion. From today’s perspective, the support comes in at $1.740.
Fibonacci Retracements – The optimism surrounding the cryptocurrency has lifted the price above the strong resistance posed by the 38.2% Fibonacci retracement level of $1.789. Sustaining above this level may lead to hefty