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Crypto Technicals: LTC/USD breaks above 21-EMA, scope for further gains

LTC/USD chart - Trading View 

Exchange - Coinbase

Support: 70.13 (5-DMA); Resistance: 77.21 (50-DMA)

Technical Analysis: Bias Slightly Bullish

LTC/USD trades 1.95% higher on the day at 71.51 at 06:30 GMT, bias slightly bullish.

The pair has broken above 21-EMA resistance and we see scope for further gains.

Momentum studies are bullish. Stochs and RSI are biased higher. MACD supports upside.

That said, 'Death Cross' (bearish 50-DMA crossover on 200-DMA) limits gains.

Volatility is low and shrinking, upside could be capped at upper Bollinger band at 72.88.

Continuation of upside momentum could see test of 50-DMA at 77.21 ahead of 23.6% Fib at 81.86. 

Failure to hold above 21-EMA negates any bullish bias. Sideways along 21-EMA will continue. 
 

By Anupama Grandhi
  • Market Data
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