Published On: September 9th, 2019Categories: Uncategorized


Litecoin

Litecoin (LTC/USD) gained ground early in today’s Asian session as the pair appreciated to the 70.46 area after encountering some difficult technical Resistance during yesterday’s European and North American sessions. During yesterday’s Asian session, the pair traded as high as the 72.25 level before coming off and then depreciated as low as the 68.01 area during yesterday’s European session. LTC/USD briefly traded below the 100-bar MA (4-hourly) during its pullback, and then orbited the 69.47 area for a couple of trading sessions, a level that represents the 61.8% retracement of the 22.17 – 146.00 range.

Sentiment continues to remain weak for LTC/USD with a significant chance of further erosion on the downside. There is a legitimate possibility the pair could depreciate further to the 64.86 area and then weaken to test the 62.58 area, representing the 38.2% retracement of the move from 127.95 to 22.17.  Some chartists are speculating the pair could also depreciate to test the 59.97 and 51.39 areas, a downward move that could possibly open up a downside price objective around the 47.13 area if the pair gets below the psychologically-important 50.00 figure.

Price activity is nearest the 100-bar MA (4-hourly) at 68.55 and the 50-bar MA (Hourly) at 68.35.

Technical Support is expected around 64.86/ 59.97/ 51.00 with Stops expected below.

Technical Resistance is expected around 75.06/ 83.36/ 87.54 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

 

Bitcoin Cash

Bitcoin Cash (BCH/USD) gained some ground early in today’s Asian session as the pair reached the 304.99 area after buying activity lifted the pair higher from the 293.57 area during yesterday’s European session. Yesterday’s move lower saw traders push the pair below the 100-bar MA (4-hourly), then indicating around the 295.90 area. Prior to the move lower yesterday, the pair traded above the 200-bar MA (4-hourly), then indicating around the 308.61 area. BCH/USD’s depreciation yesterday also saw it weaken to test the 50-bar MA (hourly) and 100-bar MA (hourly), even trading below this area before rebounding higher. 

The pair’s sentiment remains relatively mixed at the moment as BCH/USD Bears have shown their strength by pushing the pair below the psychologically-important 300.00 figure and the pair has recently shown the ability to trade above the 350.00 area. One immediate challenge for BCH/USD Bulls will be to trade above the 200-bar MA (4-hourly), currently indicating around the 307.79 area. Another important upside level is the 312.81 area, representing the 50% retracement of the 358.58 – 267.03 range.

Price activity is nearest the 200-bar MA (4-hourly) at 307.79 and the 50-bar MA (Hourly) at 297.83.

Technical Support is expected around 275.42/ 262.40/ 237.83 with Stops expected below.

Technical Resistance is expected around 312.81/ 323.61/ 331.48 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.


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