LITECOIN Double top or bullish break out?
LTCUSD is on a rebound made on the 50.150 intermediate support and is testing today the January Resistance.
Levels to watch:
- January's uptrend stopped exactly on the MA200 (1D chart) and pulled back to the 50.150 intermediate support. The rebound leg on that support is again testing the MA200 today.
- Another rejection on the MA200 will make a Double Top formation, which is a bearish pattern.
- The MA50 has already provided support on 1 occasion (07 - 10th January) and could do it again on the intermediate support.
- The MACD turned from bearish to bullish again in 5 days.
- The Resistance is at 68.900 while the Support at 35.600.
Projection:
- If the double top is formed, the we expect a pull back to the intermediate support (50.150) where we will test the real buying pressure. As long as the MA50 can hold, then we give more probabilities to break above the 68.900 Resistance. If the MA50 breaks though, buying pressure will be most likely seen again near the 35.600 Support.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
Levels to watch:
- January's uptrend stopped exactly on the MA200 (1D chart) and pulled back to the 50.150 intermediate support. The rebound leg on that support is again testing the MA200 today.
- Another rejection on the MA200 will make a Double Top formation, which is a bearish pattern.
- The MA50 has already provided support on 1 occasion (07 - 10th January) and could do it again on the intermediate support.
- The MACD turned from bearish to bullish again in 5 days.
- The Resistance is at 68.900 while the Support at 35.600.
Projection:
- If the double top is formed, the we expect a pull back to the intermediate support (50.150) where we will test the real buying pressure. As long as the MA50 can hold, then we give more probabilities to break above the 68.900 Resistance. If the MA50 breaks though, buying pressure will be most likely seen again near the 35.600 Support.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
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