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Price analysis of Litecoin (LTC) 02/11/2019

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The price of Litecoin rose recently and broke the resistances of $ 35.00 and $ 40.00 against the US dollar. LTC is currently correcting to the downside, but falls are still compatible near $ 42.00 and $ 40.00.

Key points of conversation

  • The price of Litecoin was one of the best performers, as it rose above the barrier of $ 40.00 against the US dollar.
    (Kraken data source).
  • There is a bullish flag pattern formed with support at $ 43.00 on the hourly chart.
  • The price of LTC remains in falls above $ 40.00 and could continue to rise.

Litecoin price analysis

Recently, there was a strong upward movement from the support area of ​​$ 30.00 in litecoin price against the US dollar. The LTC / USD pair traded above the resistance levels of $ 35.00 and $ 40.00 to position itself in the bullish zone.

Looking at the graph, the LTC price gained a bullish momentum above the resistance of $ 40.00 and the simple moving average of 100 hours. He even broke the $ 45.00 resistance and traded at a new annual high close to the $ 46.93 level.

Later, there was a downward correction below the $ 45.00 level and the Fibonacci retracement level of 50% of the last wave from the minimum of $ 40.50 to the maximum of $ 46.93. However, there are many downward supports close to the $ 43.00, $ 42.00 and $ 40.00 levels.

There is also a bullish flag pattern formed with support at $ 43.00 on the hourly chart. The flag support is close to 61.8% of the Fibonacci retracement level of the last wave, from the minimum of $ 40.50 to the maximum of $ 46.93.

If there is a break to the downside, the price could correct support levels of $ 40.60 and $ 40.00. On the other hand, if there is a new upward movement, the price could re-test the levels of $ 45.00 and $ 46.00.

A break above the $ 46.00 level could bring the price to a new annual high above the $ 46.93 level. In general, the price of litecoin is placed in a strong uptrend above the support of $ 40.00. There could be some swing movements in the short term, but falls in LTC are still compatible as long as the price is above $ 40.00.


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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