- LTC/USD market sentiment remains bullish even though the market may have entered a brief period of consolidation.
- The 200-day simple moving average (SMA 200) and SMA 50 curves are en route to an intersection, which means that the market is prime for a bullish breakout.
The LTC/USD market fell slightly from $48 to $47.80 as bears managed to outlast the bulls in the last session. Despite this, the overall sentiment of the market remains extremely bullish. Technical analysis shows that the market may be entering a slight consolidation period before a huge bullish breakout.
LTC/USD daily chart
-636862159827493882.png)
The LTC/USD daily market needs to break past the resistance at $51.50. The overall market is trending above the 200-day simple moving average (SMA 200) curve which shows that the overall sentiment is extremely bullish, even though the last session was bearish.
The moving average convergence/divergence (MACD) histogram shows that the bullish momentum has been decreasing over the last few sessions. It looks like the market has entered a period of consolidation. Most importantly, the SMA 200 and SMA 50 curves look like they are on the course for an intersection. If that happens, then that would chart the “golden cross” formation which is a huge buy signal.
Share
