#Litecoin Prices inside a Bull Flag with Resistance at $95
Past Performance of Litecoin
Litecoin prices, like BTC's, are consolidating. For LTC, the coin has resistance at $95 with support at $87, as defined by the bull bar of March 23. Besides $87, the middle BB is a dynamic support level defining the uptrend. Therefore, as prices move horizontally, the uptrend remains unless there are sharp losses confirming the losses of April 6.
#Litecoin Technical Analysis
From the daily chart, prices are inside a falling wedge with resistance and support shaped by the bar of March 23. The result is a bull flag, with traders still bullish from an effort versus result perspective. This is because prices are still within the bullish engulfing bar of March 23, a candlestick with high and wide-ranging trading volumes. As such, unless there is a breakout above $95, traders might look for entries on lower time frames, loading on dips above $87. Any loss below $87 may see LTC dip to $75 and even March 2023 lows.
What to Expect From #LTC?
The uptrend remains, but market participants are apprehensive despite the Litecoin halving event around the corner. For now, immediate support levels are critical, and how prices react will shape the short to medium-term price action.
Resistance level to watch out for: $95
Support level to watch out for: $87
Disclaimer: Opinions expressed are not investment advice. Do your research.
Litecoin prices, like BTC's, are consolidating. For LTC, the coin has resistance at $95 with support at $87, as defined by the bull bar of March 23. Besides $87, the middle BB is a dynamic support level defining the uptrend. Therefore, as prices move horizontally, the uptrend remains unless there are sharp losses confirming the losses of April 6.
#Litecoin Technical Analysis
From the daily chart, prices are inside a falling wedge with resistance and support shaped by the bar of March 23. The result is a bull flag, with traders still bullish from an effort versus result perspective. This is because prices are still within the bullish engulfing bar of March 23, a candlestick with high and wide-ranging trading volumes. As such, unless there is a breakout above $95, traders might look for entries on lower time frames, loading on dips above $87. Any loss below $87 may see LTC dip to $75 and even March 2023 lows.
What to Expect From #LTC?
The uptrend remains, but market participants are apprehensive despite the Litecoin halving event around the corner. For now, immediate support levels are critical, and how prices react will shape the short to medium-term price action.
Resistance level to watch out for: $95
Support level to watch out for: $87
Disclaimer: Opinions expressed are not investment advice. Do your research.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.