LTC/USD trades well above $4 level, jump till $4.53/$4.84 likely
LTC/USD is seen trading above on Wednesday. The pair has broken minor psychological resistance at $4 and jumped till $4.1580 (BTCE) yesterday. It is currently trading around $4.112 at the time of writing. Ichimoku analys…
LTC/USD is seen trading above on Wednesday. The pair has broken minor psychological resistance at $4 and jumped till $4.1580 (BTCE) yesterday. It is currently trading around $4.112 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen $4.136
Kijun-Sen $4.480
Trend reversal - $4.130
The long-term and short-term trend remains to be bullish. In the daily chart, the pair has closed above $4 mark for past two days and this confirms a minor bullishness. So a jump till $4.48/$4.84 is possible.
Major resistance is seen at $4.26 (55 days EMA) and any break above confirms major bullishness, a jump till $4.53 (Jul 2nd high)$4.84 (22nd Jun high)/$5. Major support can be noticed at $3.77 (61.8% retracement of $3.310 and $4.490) and break below targets $3.63 (200 day MA)/$3.31 (Jun 26th low).
Potential short-liquidation exposure was reported above $85,000 in the week leading up to Oct. 15. A separate cluster near $75,000 has no stated position direction.
Issuance will stay level for about 12 months, then taper to zero over 24 months. Five community-nominated council candidates require confirmation by veHNT holders.
