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Crypto Technicals: LTC/USD bounces off 200H MA support, breaks above 38.2% Fib (77.95)

Wed, 12 Feb 2020, 07:16 am UTC

LTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High and rising

Support: 77.95 (38.2% Fib); Resistance: 84.09 (weekly cloud)

LTC/USD correction has held above 200H MA support, bias remains bullish.

The pair has broken above 38.2% Fib at 77.95 and trades shy of $80 mark.

Price action is on track to close in the green for the 3rd straight week, $100 levels in sight.

Momentum strongly bullish. Minor correction can be used to accumulate for long term.

Next major hurdle lies at weekly cloud at 84.09. Break above see little resistance till 50% Fib at 90.94.

5-DMA is immediate support at 76.70. Bullish invalidation only below 200-DMA.

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