by Jamie Holmes
LTC-USD reached a fresh all-time high on December 9, exceeding the $150 handle, as altcoins display large gains. Bitcoin recently reached a new all-time high and since then, the price has subsided to around $14,500 at the time of writing.
For the first quarter of 2017, litecoin remained stable, trading in the $3-$4 range. However, during April, the altcoin started to rally as the scaling upgrade SegWit was anticipated and reached a high near $40 in May 2017. During August, bulls exerted dominance again bringing the altcoin close to $100. LTC-USD finally broke this psychological level in the past few weeks.
The weekly chart for LTC-USD below shows that the altcoin exceeded the target we anticipated in our latest weekly cryptocurrency market outlook, shooting past $128.08, which now provides a key support level. The next resistance is seen at $183.68. Last week, the bullish saucer signal was triggered at $89.39, giving an early indication of a bullish move. On the Bitfinex exchange, volumes are rising suggesting the upward move will continue. Also, we can wait for this week’s close to determine the momentum for the weeks ahead; if the price closes in the top third of the range, we look to buy; otherwise, we may look to sell.
LTC-USD (Bitfinex, Weekly): Litecoin surges past $128.08, opening up $183.685
The price action for the week beginning December 4 looks to be the largest green candlestick for litecoin on this timeframe, which will invigorate bulls in the weeks ahead. The daily chart below shows resistance lies at $162.759 while immediate support is found at $127.877.
LTC-USD (Bitfinex, Daily): $127.877 broken, $162.759 as next resistance
When looking at LTC-BTC, as shown below, we see that there might be room for more upside. For instance, the market is currently testing a resistance zone provided by several fractal sell levels. If LTC-BTC can overcome this resistance zone, we should see an attempt at the fractal resistance at 0.017811. Also, notice the volume for LTC-BTC has increased substantially, perhaps because of the upcoming futures contract launch for bitcoin, which has many people guessing as to the effect on the price of bitcoin. Therefore, investors may be hedging into litecoin in anticipation of this event.
LTC-BTC (Bittrex, Daily): Alligator looks to switch to uptrend; price looks to close above Alligator, opening up 0.01781100
Over the past 24 hours, volumes for litecoin have exceeded $3 billion, compared to bitcoin’s $13.6 billion and ethereum’s $2 billion.