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Crypto Technicals: LTC/USD tracks Bitcoin higher, 110-EMA and cloud breakout confirms more upside

Tue, 14 Jan 2020, 07:20 am UTC

LTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Turning slightly bullish; Minor Trend - Strongly bullish

Overbought/ Oversold Index: Overbought

Volatility: Rising

Support: 52.49 (110-EMA); Resistance: 54.37 (20W MA)

LTC/USD was trading 7.91% higher on the day at 53.50 at 07:00 GMT, bias has turned bullish.

The pair closed 3.58% lower on Monday's trade, but has gained upside momentum on the day, tracking BTC higher.

Price action has broken past major resistance levels - 48.75 (trendline), 51.04 (cloud top) and 52.49 (110-EMA).

Volatility is rising and GMMA shows bullish shift in the near-term trend. Technical indicators are also bias higher. Scope for continuation on upside momentum.

The pair finds major resistance at 20W MA at 54.37. Close above raises scope for test of 23.6% Fib at 61.87 ahead of 200-DMA at 66.42.

Failure at 20W MA will likely see sideways grind. Retrace below 21-EMA will negate any bullish bias.

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