LTC/USD is inside a daily symmetrical triangle waiting for a clear breakout

June 5, 2020 Editor Litecoin 0

  • LTC/USD is inside a symmetrical triangle on the daily chart awaiting a breakout to $50 and above.
  • A break of the pattern would lead LTC towards $64, the next resistance level.

Litecoin is trading inside an evident symmetrical triangle formed in the past month and a half. LTC/USD recovered from the crash on June 2 after successfully defending both the daily 12-EMA and the 26-EMA. 

LTC/USD daily chart

Bulls can find a clear resistance level at $49.92, the high set on June 2 before the massive rejection. Unfortunately, that’s not the only resistance point as Litecoin formed another high at $50.87 back on April 30. The daily RSI has cooled off and LTC continues trading above the 12-EMA and the 26-EMA on the daily chart. The nearest and most important support level is the low on June 2, at $44.54, marked with the green horizontal line.

LTC/USD 4-hour chart

LTCUSD

The 4-hour chart shows another line of resistance at $48.08, formed on May 30 and a support level at $46.30. Bulls have done a great job defending the 12-EMA and the 26-EMA here as well. A clear loss of these two EMAs could indicate a shift in momentum favoring the bears.

LTC/USD technical levels