Litecoin Price Technical Analysis – Test of 100 MA Possible?

Key Highlights

  • Litecoin price yesterday passed a crucial test, survived a major support area and currently attempting to move higher.
  • It looks like the price broke a major triangle pattern on the 2-hours chart with data feed from HitBTC, which may take it towards the 100 simple moving average.
  • On the flipside, there is a support trend line break noted on the 30-min chart (data feed via Bitfinex), which is a bearish sign.

Litecoin price may trade higher, and if buyers succeed in taking control, then there is a chance of it testing the 100 simple moving average (2-hours).

Buy or Sell?

If we first look at the lower time frame chart of Litecoin price like the 30-mins chart (data feed via Bitfinex), then there is a bearish sign already. Yesterday, I highlighted a bearish trend line on the same chart, and pointed that it may act as a hurdle for buyers in the short term. The price did climb higher, but it found resistance around the same trend line. There was a downside move later on that took the price a few points lower. There was another bullish trend line formed on the 30-mins chart (data feed via Bitfinex), which was broken during the downside

Read more ... source: TheBitcoinNews