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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.
 

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