LTC/USD has broken through a key intraday technical level

Fibo Quantum

  • Litecoin has has broken the intraday resistance level of 75.68
  • Crypto sentiment is higher today as most coins are on the rise
  • Wave high of 79.06 is now the next major target on the upside

Above is the 30-minute chart of LTC/USD where price has recently broken the key Fibonacci 61.8% Fibonacci level which confluenced with the 75.68 resistance. 

This move comes after sustained weakness over the last two months which saw the LTC/USD price fall from just over 140 to the psychological support zone of 70.

Over the last two hours, 22k contracts have been exchanged through the Coinbase exchange showing that this is not a small move.

As with a move of this magnitude, you would expect the indicators to turn positive but they will be of more use when the market retraces and looks for support for a move higher

The daily chart shows some key rejection candles over the past week with a hammer and Doji forming with rejection shadows to the downside (marked by the red rectangle on the chart below)

LTC/USD daily chart