LiteCoin Technical Analysis (LTC) – October 08, 2019

LiteCoin Technical Analysis (LTC) – October 08, 2019

The LiteCoin (LTC) rose on Tuesday, increasing the price to more than 56.0. The price increases ahead of a major economic release concerning PPI news. The technical bias might remain bearish because the LTC price printed a lower low in the recent downside move.

LiteCoin (LTC) Technical Analysis

As of this writing, the Litecoin (LTC) is being traded around 56.0, the price may come across a resistance around 70.6, the key horizontal resistance ahead of the 38.2% Fib level which stands next around 84.3.  A trend line resistance also awaits around 93.1 which is likely to restrict the price from increasing above the said level as shown in the given below chart.

Litecoin

Coming towards the downside, two trend line support levels are anticipated to come across the price one after the other at 49.1 and 43.5 respectively. The price may also come across a major support level at 23.2, the low of December 17, 2018, as shown in the graph above.  The technical bias may remain bearish as long as 68.6, the key horizontal resistance level remains intact.

United States’ Producer Price Index Ex Food News

The Bureau of Labor Statistics, US, has recently released stats with respect to the Producer Price Index ex Food & energy. The figure is a measure of the estimated change in prices in main markets of the United States producing commodities. It is to be remembered that the figure doesn’t include volatile products such as energy and food to avoid biased calculation. Generally speaking, a high reading in this regard is considered a bullish market for the US Dollar and vice versa.

Trade Idea

Considering the price behavior of the digital currency over the last couple of days, buying the Litecoin around current levels may prove to be a good decision in the short to medium term. Those who wish to take a long position should wait a little more or until the trend changes.

 

By Desislava Yunakova
Desi was one of our financial journalist trainee, someone who's now moved on to be a Strategic Analyst at Whirlpool.
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