Crypto Technicals: Litecoin treading water ahead of August 5th halving event, upside capped at $100 mark

LTC/USD chart - Trading View

Exchange - Coinbase

Support: 78.78 (200-DMA); Resistance: 103.86 (55-EMA)

Technical Analysis: Bias Neutral

Litecoin consolidates previous session's gains, upside is capped at $100 mark.

The pair trades marginally lower at 95.95 at 06:30 GMT, down 2.35% at the time of writing.

Previous having of the Litecoin block took place on August 25, 2015. Traders await the upcoming halving event scheduled for 5th August.

Historic data has shown that Litecoin halving has resulted in a significant increase in the price and we expect similar results this time.

Price action was extending grind higher in a 'Cup and Handle' pattern on the daily charts.

Retrace from stiff resistance zone at around 141 levels has held above 200-DMA support.

Technical indicators are turning slightly bullish. 5-DMA is on verge of a bullish crossover on 20-DMA.

Resumption of bullish momentum will see test of 141 level. Weakness only below 200-DMA

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.