LTC/USD trading inside a confirmed daily equilibrium pattern

  • LTC/USD is trading right in the middle of the equilibrium pattern.
  • A clear break of $48 would push Litecoin above $50.

 

Litecoin is trading at $46.46 at the time of writing, practically in the middle of the current daily equilibrium pattern. Buyers are waiting for a clear break above $48 and sellers for a drop below $45. It’s important to note that Litecoin is still in a daily uptrend which should favor the bulls coming out of the current pattern. Litecoin is also holding both daily EMAs.

LTC/USD daily chart

Litecoin is clearly still strong on the daily chart holding the 12-EMA several times in a row. The resistance level to beat is at $48.07, the last clear lower high. Sellers need to break $45.09, both levels are marked with a pink horizontal line in the chart. Litecoin is also in a symmetrical triangle that will most likely be broken when there is a clear breakout of the equilibrium pattern.

LTC/USD 4-hour chart

LTCUSD

Bulls are a bit more worried here as they have lost the uptrend and also the 12-EMA and the 26-EMA which have crossed bearishly. This is the first time they cross bearish since May 24, however, it only took Litecoin three days to climb back above the EMA’s and saw another bullish cross on May 28. 

LTC/USD technical levels