- LTC/BTC setting up for a bearflag breakout
- Key resistace level is at 0.0080 as a bearish divergence forms
- 38.2% Fibonacci level confluences with key resistance
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LTC/BTC is currently setting up for a nice pattern break on the 4-hour timeframe after the bearish trend consolidates. Price action has been interesting over the last few days as the first higher low wave was created just two days ago on Tuesday. For this trend to continue and the market to retrace further the next level of note on the upside is 0.0080. Incidentally, this level also coincides with the 0.382% Fibonacci level in the previous wave. On the indicator side, there is a bearish signal as the Stochastic made a lower high while the two most recent price waves made higher highs respectively.
Elsewhere in cryptoland, Mati Greenspan has noted that despite not holding up in the recent equities sell off Bitcoin can be considered a safe haven in certain places. The eToro analysts notes the different price comparisons in juristictions around the world show that Bitcoin in Argentina is trading at a premium compared to the rest of the major BTC trading nations. Argentina has been at the mercy of a shock Mauricio Macri election defeat and due to the following result the local currency plunged 32% along with a stock market collapse causing a massive capital outflow.
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