LITECOIN PRICE ANALYSIS:- triple top pattern in the 4hr time interval can the bulls keep up the pressure?

Fibo Quantum

  • The trading volume in the last 24hr at the time of writing this article is +2.60%
  • The price of LTC/BTC and LTC/ETH at the time of writing this article is 0.003431BTC and 0.04977ETH respectively 
  • Price taking huge support on 20MA in 4hr time chart

LONG TERM VIEW:-

In the daily time chart interval we can see the price is near the resistance as we can see the price has tried to break the level of $173 not once but thrice as the bulls keep their pressure on the bears. Let’s have a look at the technical indicator to see if the price will break the resistance or not. First we can see the MACD is showing a green histogram as the MACD line is above the Signal line and there is no sign that the line will change its direction soon. In addition to that we can see that the RSI is in the neutral zone near 53 as the price can move up or down depending on the volume of bulls and bears, so we can see the RSI line is pointing towards the overbought zone as the bulls are winning the fight. Lastly we can see in Moving average, 20MA, 50MA, 100MA is below the 200MA but we can see that the 20MA and 50MA has started changing its direction and might head to cross the 200MA suggesting a bullish movement

Tradingview

SHORT TERM VIEW:-

In the 4hr time interval we can see that there is a triple top pattern made by the price which is very bearish pattern, as it is referred to the the Trend reversal pattern and we can see the price is taking a huge support on the 20MA as the bulls were able to push the price back up from there. Having said that, we can see the MACD is showing a green histogram as the MACD line is below the Signal line but we can see the MACD is changing its direction and might cross the Signal line soon. In addition to that we can see the RSI is in the neutral zone near 60 pointing towards the oversold zone of 30. 

Tradingview

CONCLUSION:-

Looking at both long term and short term we can see the price is near the resistance and will most probably continue the run if the bulls keeps this pressure on the bears and we can see the triple top pattern in 4hr time interval which is very bearish if the bulls lose the fight the bears will drive the price down and even break the support.  

RESISTANCE:-$189,$211

SUPPORT:-$162,$153

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