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Crypto Technicals: LTC/USD pivotal at 200-DMA (62.19), 'Golden Cross' on hourly charts raises scope for upside

Tue, 28 Jan 2020, 07:18 am UTC

LTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

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

Overbought/ Oversold Index: Neutral

Volatility: High, Shrinking

Support: 56.33 (5-DMA); Resistance: 62.19 (200-DMA)

LTC/USD was trading 1.98% higher on the day at 59.60 at 07:00 GMT, slightly lower from session highs at 61.44.

The pair is extending gains for the 3rd consecutive session and technical indicators have turned bullish for the near-term.

The pair has bounced off daily cloud support with a 'dragonfly Doji' formation and 'Golden Cross' on the hourly charts adds to the upside bias.

Price action has broken above stiff resistance at 55W EMA and is on track to test 200-DMA at 62.19.

Major and minor trend as evidenced by GMMA indicator are biased higher. Break above 200-DMA to buoy bulls.

200-DMA breakout will support a sustained upside.Next bull target aligns at 55W EMA at 66.15 ahead of 38.2% Fib at 77.95.

Failure at 200-DMA and break below 21-EMA support at 54.27 negates near-term upside bias

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