LTC/USD is added to instrument list - Articles - Dukascopy Bank
Thu, 23 Jan 2020 15:28:58 GMT
Source: Dukascopy Bank SA
Dukascopy Bank SA has added Litecoin to its list of for trading offered assets. The LTC/USD exchange rate can be found on the online charts and the bank's trading platforms.
Below you can read the analysis of the pair's chart. To provide a more longer term outlook the four hour candle chart is looked at.
In general, it can be observed that the rate is simultaneously trading in two channel patterns. The dominant or longer term pattern is an ascending channel, which has guided the rate's surge that has occurred since late December. In the meantime, the rate had been consolidating by declining in a junior or short term channel down pattern in the borders of the larger pattern.
On Thursday, January 23, the exchange rate was heading to the lower trend line of the dominant pattern just above the 54.00 level. This trend line was being approached by the 100-period simple moving average, which would provide additional support.
In theory, the rate should bounce off the support trend line of the long term pattern. In that case scenario the pair would surge to the resistance cluster near 58.50. Near that level, a 23.60% Fibonacci retracement level, the upper trend line of the junior channel pattern and the 55-period simple moving average are located at.
On the other hand, plan for the case of an end of the trend. If the support of the channel up pattern would get broken, it would signal that the month long surge is over. In that case scenario, the rate would look for technical support in the 100-period SMA and the 38.20% Fibonacci retracement level at 54.00.
If these levels fail, the 50.00% Fibo at 51.00 would be targeted next.