Litecoin: From trough to rough - barriers ahead
- LTC bounces sharply from the long term support.
- Can't run hard enough, resistances stare at the bulls.
Litecoin, the crypto, has managed to bounce off sharply from the bottom hit after the recent sell-off, but not enough to call it a long term bottom yet, while there are plentiful resistance in its journey up even as bears prepare for their next onslaught.
LTC/USD down about 1.7 percent on day at $33.53, not far off from the day's low. Litecoin's recent low after the sell-off, co-incides with a long term support on the daily chart, giving some momentum to the bulls to take battle in their hands while bears seemed tired after a sell-off that saw prices dropping by nearly 36 percent in the month of November.
While thats a good sign, but not the best yet - bulls face multiple resistances ahead in their journey. First they have a 21-days SMA at $36.63 and then 21 days EMA at $36.73. If crossed, they have a major long term hurdle in the form of descending trendline of the long term triangle, placed at $38.857. Enough for the bears to take control in their hands.
LTC/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
