LTC/USD Technical Analysis: Market bullish but lacks the steam to aim for $100 level

LTC/USD Daily Chart

• The market has had a bullish breakout from a triangle formation.
• The two latest sessions have put the daily price above the SMA 200, SMA 50, and SMA 20 curves.
• The signal line has converged with the MACD line and the MACD indicator has finally had a bullish session after 22 consecutive bearish sessions.
• Bulls will need to negotiate resistance at $85, $87, and $90 to have any chance of taking the price back into the $100 zone.

LTC/USD 4-Hour Chart

• The 4-hour LTC/USD price chart had a bullish breakout from the green cloud of the Ichimoku indicator.
• The relative strength index (RSI) indicator is trending at 79.65. 
• Since RSI is in the overbought zone, a bearish correction could be around the corner.
• Closest mid-term resistance lies at $85.

LTC/USD Hourly Chart

• LTC/USD bulls need to target short-term resistance at $85.
• The price still hasn’t reached the upper curve of the 20-day Bollinger band. This indicates that the upward movement isn’t as bullish as it could be.
• The squeeze of the Bollinger band shows decreasing market volatility.
• The hourly price is also trending above the SMA 200, SMA 50, and SMA 20 curves.
• The two latest sessions in the Elliot wave oscillator are bullish following nine consecutive bearish sessions.

Key Levels