BULLISH CONTINUATIONS ON CRYPTOCURRENCIES

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Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices.

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As on many other crypto pairs a bullish flag can be identified on LTCUSD as well. Earlier the price chart completed a rectangle bottom reversal with a breakout above 150 levels where price breached the long-term (365 day EMA) as well. The trend change has taken place. Following the change in trend we are now seeing a possible bullish continuation chart pattern with the resistance at 190 and support at 160 levels. From a larger scale perspective a multi-month long H&S bottom can be in progress as well. For now I want to focus on the latest bullish flag development. A breakout above 190 levels can target 220 levels in a short period of time and confirm the existing uptrend.

 

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