Litecoin following a bearish channel but looks to be forming a bullish flag

15 Apr, 2019 analyst100

Litecoin (LTC) Price Analysis – April 15


After establishing a resistance area at $100, Litecoin market decided to run a retracement; forming a bullish flag pattern. Once the bears lose control of the market, the bears are likely to gain dominance. But as it stands now, LTC is following a bearish channel.

LTC-USD Market

Key Levels:

Resistance levels: $92, $100, $110

Support levels: $72, $66, $60

Following the early March spike, LTCUSD posted a new high at $100 before maintaining a slow bearish move; trading within the range of a descending channel. The double-bottom was reflected at the overbought area of the medium-term RSI before the low move.

Now, the 4-hours Stochastic RSI is at the overbought zone; signaling a possible swing low. The next short move is likely to test $72 support level, touching the lower trend line. Surpassing this support may trigger a new bear-run.  The nearest key supports to look for are $66 and $60 respectively.

Additionally, a spike may resume a bullish rally; meeting resistance levels at $92, $100 and $110 in a concurrent move. As of now, Litecoin’s trading remains in a channel.

LTC-BTC Market

LTCBTC has been on a bullish flag after the early March rise-up. The bears appeared to be respecting a descending channel. Currently, the coin is about to test the upper trend line where bounce down is expected. If a bounce fails, a significant bullish rally may hit the next resistance level at 0.0175 BTC and above. The 4-hours RSI revealed the slope direction of the market.

A bounce down, however, is likely to send Litecoin to 0.015 BTC support. Crossing down the mentioned support could position the market in a more bearish condition; testing the April 2 support level at 0.0143 BTC. As suggested on the medium-term Stochastic RSI, selling pressure is around the corner as price reaches the overbought territory.

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock, forex and the crypto markets.

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