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Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
LTC/USD chart - Trading View
Exchange - Coinbase
Support: 41.85 (Trendline); Resistance: 44.60 (200H MA)
Technical Analysis: Bias Neutral to slightly Bullish
LTC/USD is flashing signs of nascent recovery, trades 0.23% higher at 43.70 at 06:40 GMT.
The pair has been extending sideways grind since Nov 25th and major trend remains bearish.
Price action has held above trendline support (currently at 41.85) and extension on weakness only on break below.
After erasing around 70% of its value since highs of 146 seen in June 2019, the pair shows signs of minor recovery.
'Dragonfly Doji' at lows together with bullish RSI and Stochs divergence on daily and intraday charts raises scope for gains.
That said, 200H MA is major resistance (currently at 44.60). Break above will confirm near-term upside.
Failure to break above 200H MA and breach below trendline support (41.85) will open downside for the pair. Next major support lies at 36.29 (88.6% Fib).
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