Litecoin Technical Analysis – Litecoin Testing Resistance Levels Again 20/02/2018

Key Highlights

• Litecoin hit an intraday high $225.96, before easing back to end the day up 4.23% at $223.53 on Monday.

• The bullish trend that started ahead of the 60% rally to last week’s $237.72 high has remained in place going into this week.

• Litecoin’s pullback on the weekend to $212.46 was likely to be in anticipation of Sunday’s fork and how the Litecoin landscape would look, if and when the fork took place.

• This morning, Litecoin has broken through its first 2 major resistance levels, surging to an intraday high $244.83.

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What You Should Know Ahead of the Litecoin Hard Fork

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Litecoin Price Resistance

Litecoin gained just 4.23% on Monday, with the Litecoin fork having a relatively muted impact on Litecoin, while Litecoin Cash rallied more than 400% on its first day of trading.

Monday’s gains reversed most of Sunday’s 4.96% losses, to set up a bullish trend going into Tuesday, as investors respond to Litecoin’s price stability and the lack of a sell-off following the Sunday hard fork.

Having tested support levels through the weekend, it’s another day of breaking through resistance levels, with Litecoin testing its 3^rd major resistance level of $245 at the time of writing, with plenty of support sitting at sub-240 levels.

It’s looking particularly bullish for Litecoin, with the anticipation of LitePay’s rollout next week adding strong support, as investors begin to attribute last week’s gains to blockchain tech and Litecoin’s outlook, rather than Sunday fork.

Things could have gotten messy for Litecoin and the cryptomarket, in general, had Sunday’s fork proven to be a scam and Litecoin Cash’s success through the first 24-hours of trading will have provided some comfort to investors sidelined ahead of the fork.

While the next milestone for the Litecoin rally will be a move back through to $300 levels, there will likely be some selling pressure, at $250, with investors looking to lock in some profit.

We will however not expect Litecoin to test its first major support level of $215 today, barring any majorly negative regulatory news, which should be supportive of further gains, with any move through to $255 supporting a run at $270 in the early part of the week.

Litecoin 4H Chart

Looking at the Technical Indicators

• Major Support Level: $215

• Major Resistance Level: $250

• Fib 23.6% Retracement Level: $211.65

• Fib 38% Retracement Level: $191.13

• Fib 62% Retracement Level: $157.95

This article was originally posted on FX Empire

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