Litcoin in quiet trade with technicals looking sound
Dec, 27th 15:18
LTCUSD has formed higher lows and is facing resistance at the $280 level, creating an ascending triangle formation. Price is currently testing the resistance and could be due for a breakout. The market is trading above the 61.2% Fibonacci retracement level (from 32.35 to 414.50) but below the 9 day EMA. The RSI is cruising sideways at 58.49. The MACD is placed in the negative zone below the signal line.
There are no major catalysts lined up for litecoin for the rest of the year so it’s likely the consolidation could continue over the next few days. Then again, heightened tensions with North Korea on account of their response to the latest set of US sanctions could keep risk-off vibes in place, which would be bullish for LTCUSD.
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