Litecoin Price Analysis: LTC/USD Moves to New 2019 Highs, as Bulls Pick up Momentum
- Litecoin has printed new highs in 2019, as the bulls resume upside momentum, jumping as much as 7% on Saturday.
- LTC/USD has seen a breakout to the upside from a pennant pattern structure.
The Bulls are Back
The Litecoin price on Saturday saw some renewed life come back into play, and this was out-performance for LTC specifically. In terms of its peers across the board, they are generally seen trading broadly flat or in minor negative territory. At the time of writing, LTC/USD was trading up as much as 7% in the early part of the day.
Price action prior to this was initially cooling, following the bull run from 16th – 24th December. After this period of easing south, LTC/USD began to move within consolidation mode. There was a lack of direction seen for the price. The price behavior began to form a horizontal wedge pattern, which can also be perceived as a bullish pennant structure.
Technical Structure Breakout
As detailed above, there was a pattern structure that had formed; this has since been breached by the bulls, via the 4-hour chart view. This saw an extended pop higher, LTC/USD printed new highs for 2019 up at $35.59 at the time of writing. Keeping in mind the recent breakout, one must be aware of a potential retest, the price pulling back to the upper trend line of the structure.
Upside Target Areas
The next area of interest for the bulls will likely be a retest of the high point of 24th December. This can be seen up at $37.75, which at the time was the highest price since 20th November 2018. Enough momentum through this resistance zone could see a further decent wave of buying pressure. There isn’t too much after this in the way of $45. A consolidation region seen here mid-November.
Looking further to the north, the big psychological $50 mark will be in the sights of bulls. LTC/USD was last trading between $50-55 at the start of November, prior to the hard selling. This range was actually a month-long consolidation period for the price. It was moving within this from October to November 2018.
Elsewhere, in terms of support to continue to assist LTC/USD in its further recovery, there appears to be plentiful. Firstly, an ascending trend line can be seen not too far below from the current price. This has been running since 14th December, when the bulls began to gradually find their feet to start a new upside trend.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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