LTCUSD – Bullish Harami Pattern Is Above $86.64
Bears couldn't pull the market further down last week, and after touching a low of $86.64 on 30th March, the prices started to correct upwards against the US Dollar, touching a high of $94.91 on 03rd April.
We have seen a bullish opening of the markets this week.
We can see a bullish harami pattern above the $86.64 handle. It signifies the end of a bearish phase and the start of a bullish phase in the market.
The price of Litecoin is near the channel's support, indicating upcoming bullish movement. Also, Litecoin is trading above its 100-hour simple moving average and 100-hour exponential moving average, and it's above the pivot level of $92.93.
The relative strength index is at $52.50, indicating a neutral demand for Litecoin and a shift towards the market consolidation phase.
The prices of Litecoin continue to remain above some of the moving averages, which are giving a bullish signal at current market levels of $90.65
Both the Williams percent range and commodity channel index are signalling neutral market conditions, which means that the price is expected to remain in a consolidation phase in the short-term range.
The short-term outlook for Litecoin has turned mildly bullish.
- Some of the technical indicators are giving a bullish signal.
- Litecoin bullish reversal is seen above the $86.64 level.
- The RSI gives a neutral signal.
- The average true range indicates low market volatility.
Litecoin Bullish Reversal Seen Above $86.64
The price of Litecoin continues to move in a mild bullish momentum above the $90 handle, but it entered a consolidation zone in the European trading session.
We can see the formation of a bullish crossover of 20-day and 50-day moving averages.
The price of LTCUSD is now facing its classic resistance levels of 94.68 and Fibonacci resistance levels of 96.69, after which the path towards $100 will get cleared.
Litecoin faces resistance at the $92.88 pivot point and $93.92.
Litecoin trading volume has increased by 0.01% compared to yesterday, which appears normal.
The Week Ahead
The price of Litecoin has been facing stiff resistance at $97 in the last 30 days. It’s moving into a consolidation phase, after which we can see fresh upsides towards $95 and $100.
Some of the technical indicators are signalling a neutral sentiment in the market.
Litecoin should stay above the important support level of $88.44, which is a 14 Day RSI at 50, and at $90.13, which is a 38.2% retracement from a 13-week high.
The short-term outlook for Litecoin has turned mildly bullish, the medium-term outlook is bullish, and the long-term outlook is neutral at present market conditions.
The weekly projection is $100, with a consolidation zone of $95.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.