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Crypto Technicals: LTC/USD tracks Bitcoin higher, move lacks technical conviction
LTC/USD chart - Trading View
Exchange - Coinbase
Support: 40.80 (20-DMA); Resistance: 41.81 (21-EMA)
Technical Analysis: Bias Neutral
LTC/USD was trading 6.10% higher on the day at 41.72 at around 11:50 GMT.
The pair saw a sharp reversal from session lows of 38.74 as Litecoin tracked Bitcoin higher.
News of a US missile strike on Baghdad airport killing Iranian General Qassim Soleimani has put a bid under the King coin, dragging other cryptos along.
Correlation of crypto currency with US-Iranian geo-political escalation is mere coincidence.
A safe-haven narrative for Bitcoin cannot be ruled out as evidenced in the 2018 US-China trade war scenario.
LTC/USD move for now lacks technical conviction for any follow through.
That said, the pair is on track to form a 'Bullish Engulfing' pattern (which could drive prices higher).
Price action currently hovers around 21-EMA resistance at 41.81. Decisive break above could open near-term upside.