With the crypto markets as soon as once more correcting and Bitcoin (BTC) within the $9,600 space, a well-liked crypto analyst says Litecoin (LTC) is wanting more and more bullish.
The pseudonymous analyst who goes by the title Byzantine Common says Litecoin’s value motion could as soon as once more foreshadow the place the market at massive is heading, because it usually did all through 2019. The dealer is highlighting 4 technical elements that he says look bullish for the sixth-largest cryptocurrency by market cap.
In accordance with Byzantine, Litecoin’s weekly transferring common convergence divergence signifies a constructive shift in momentum is underway. As well as, the one-week Ichimoku Cloud is in bullish territory, LTC has flipped a key stage of assist and resistance at $61.72 and the crypto asset’s weekly supertrend is now bullish.
The dealer says LTC wants to remain above the $66 space to stay in bullish territory. At time of publishing, the crypto asset is down 5.34% at $74.32, in accordance with CoinMarketCap.
Bullish W MACD cross
Bullish W ichi cross
Main S/R flip
Weekly supertrend turned bullish> Imajin not having your complete internet value in #Litecoin proper now. pic.twitter.com/QL7DeIRWiP
— Byzantine Common (@ByzGeneral) February 23, 2020
As for Bitcoin, Byzantine says $9,500 is now the important thing quantity to observe. BTC has struggled to remain above that stage since March of final yr.
In the meantime, fellow analyst Josh Rager says he thinks BTC bulls now want to carry the main cryptocurrency above $9,300 with the intention to stop a bigger transfer to the draw back.
“Worth dropped and bounced close to the weekly/day by day assist round $9,580.
Holding above the $9,550s is an effective signal on larger time frames and breaking under the $9,300s will nonetheless flip bear bias. Decrease time frames in down channel however weekly chart nonetheless not confirmed pattern reversal.”
Now that BTC has as soon as once more shifted firmly under $10,000, Rager is imploring the most important crypto holders within the house to purchase in and provides BTC a shot within the arm.
Whether or not whales are fascinated about doing so stays to be seen.
Pricey Bitcoin Whales,
We have now all canceled our shorts and are prepared so that you can take us to $12okay
Yours Really,
Everybody who owns Bitcoin— Josh Rager 📈 (@Josh_Rager) February 24, 2020
