Published
4 years ago on
November 20, 2019
Litecoin
Litecoin (LTC/USD) gained ground early in today’s Asian session as the pair escalated to the 56.12 area after trading as low as the 54.10 area during yesterday’s European session. Traders continue to have their eyes on the 59.84 level, representing the 38.2% retracement of the 80.26 – 47.22 range and an area that traders tested earlier this week. That level is also right around another important technical level that represents the 38.2% retracement of the more recent 66.19 – 56.09 range. The pair’s recent spin lower opens up potential downside targets such as the 54.47 and 51.70 areas, representing the 61.8% and 76.4% retracements of the same range.
Regarding LTC/USD’s recent range expansion, the 47.13 area represents possible technical Support and the 23.6% retracement of the 127.95 – 22.17 range. The pair’s next upside price objective related to this range is the 62.58 area, an area the pair tested on 11 November. Another very important technical range that LTC/USD traders are watching is the move from the 182.35 – 22.17 area. The 59.97 area represents the 23.6% retracement of this range, and the 83.36 area is the 38.2% retracement of this range. Additionally, the 192.89 – 22.17 range is another important one, and the 62.46 area represents the 23.6% retracement of this range.
Price activity is nearest the 200-bar MA (4-hourly) at 57.91 and the 50-bar MA (Hourly) at 56.28.
Technical Support is expected around 52.15/ 50.25/ 47.13 with Stops expected below.
Technical Resistance is expected around 64.40/ 69.47/ 75.06 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Bitcoin Cash
Bitcoin Cash (BCH/USD) appreciated early in today’s Asian session appreciated to the 245.00 level after trading as low as the 232.69 area during yesterday’s North American session. The pair briefly moved higher to the 270.27 area earlier this week and stopped short of testing the 270.94 area, a level representing the 38.2% retracement of the 590.81 – 73.22 range. The pair’s inability to test that level opened up the 259.29 area, and the downside risk was heightened when the pair moved back below the 200-bar MA (4-hourly). Some traders have retained a neutral market outlook and bias regarding BCH/USD while it remains above the 252.97 area, representing the 50% retracement of the 197.92 – 308.21 range that commenced from 23 October.
After the 252.97 area was challenged, traders will pay close attention to the range’s downside price targets including the 239.98 and 223.80 areas, representing the range’s 61.8% and 76.4% retracements. Before challenging those downside targets, however, the 243.03 area represents the 61.8% retracement of the 73.22 – 517.75 range. Chartists are also eyeing the 200-bar MA (4-hourly) as an area that recently provided technical Support when indicating around the 258.75 area. Similarly, the 50-bar MA (hourly) provided technical Resistance when it recently indicated around the 279.13 area.
Price activity is nearest the 200-bar MA (4-hourly) at 263.37 and the 50-bar MA (Hourly) at 248.49.
Technical Support is expected around 252.97/ 259.29/ 270.94 with Stops expected below.
Technical Resistance is expected around 230.02/ 223.80/ 206.75 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
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