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Litecoin Prices Rip Into Resistance Ahead of Hard Fork

Litecoin Prices Rip Into Resistance Ahead of Hard Fork

Michael Boutros, Strategist

Litecoin prices are on pace to post the largest single-day rally since the December record high with the advance breaking above the February opening-range. The rally is now testing near-term downtrend resistance and a breach here would be needed to validate a reversal of the multi-month downtrend.

Litecoin Daily Price Chart (Log)

Litecoin Price Chart - Daily Timeframe

Technical Outlook: Litecoin prices broke above the February opening range highs & monthly open resistance today with the rally now testing the upper median-line parallel of the descending pitchfork extending off the record highs. This threshold is backed closely by a Fibonacci confluence at 222/25- a close above this level is needed to validate a breakout of the broader descending formation with such a scenario targeting 260 and the 61.08% retracement at 298.

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Litecoin 240min Price Chart (Log)

Litecoin Price Chart - 240min Timeframe

Notes: A closer look at Litecoin price action sees the cryptocurrency surging through the monthly highs with the advance now struggling at the upper median-line parallel. The technical outlook remains constructive while above the monthly open at 162 with a breach above 225 needed to fuel the next leg higher.

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Near-term bullish invalidation now raised to the yearly low-day close at 130- a break below this level would risk significant losses for Litecoin prices with such a scenario targeting a drop towards confluence support at 116 where the 200-day moving average converges on the 78.6% retracement and basic slope support. Bottom line: prices are testing downtrend resistance and we’re looking for a reaction. From a trading standpoint, I’ll favor longs while above the monthly open.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis mini-series

LTC/USD IG Client Sentiment

Litecoin IG Client Sentiment
  • A summary of IG Client Sentiment shows traders are net-long LTC/USD- the ratio stands at +6.06 (85.8% of traders are long) – bearishreading
  • Traders have remained net-long since Dec 25th; price has moved 19.6% lower since then
  • The percentage of traders net-long is now its lowest since Feb 7thwhen Litecoin traded near 136.42
  • Long positions are 4.8% lower than yesterday and 1.7% lower from last week
  • Short positions are18.6% higher than yesterday and 43.8% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Litecoin prices may continue to fall. However, traders are less net-long than yesterday and compared with last week and therecent changes in sentiment warn that the current Litecoin price trend may soon reverse higher despite the fact traders remain net-long.

See how shifts in LTC/USD retail positioning are impacting trend- Click here to learn more about sentiment!

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Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

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Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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