Hey there Everyone!
I hope you're all having an awesome Friday!
Here is your daily dose of Technical Analysis on Litecoin (LTC) and Library Credits (LBC)
Disclaimer: This is not financial advice
LTC Technical Analysis
After having a nice little breakout there recently corresponding with the recent litecoin fork resulting in litecoin cash being born the price has consolidated a bit pulling back from the most recent all time highs in USD forming a nice ascending triangle pattern. Price has been working its way back and forth testing both the resistance and support a couple times now. Watch for a breakout of that pattern either to the upside or to the downside. The pattern itself is a bullish pattern so chances according to that say we should be moving to the upside price wise.
LTC has proven time and time again that although it started off as a BTC clone it has morphed into its own living entity with its own community, leaders, and innovation.
LBC Technical Analysis
LBC has had a nice pullback from the recent all time highs and has been in a bear trend like most alts for a month or two now. That being said it had a nice pop recently, that level, the 78.6 level that I always refer to made for a perfect bounce play with an excellent risk to reward ratio. Now that it has bounced off of that level we have moved higher and are now hitting resistance at the 23.6 fib extension level. We have blasted through the 50EMA but are also facing resistance corresponding with the 23.6 fib level in the form of the 100EMA and the 200MA. Watch for this level we're currently at to either break through or hold with a close either above or below the moving averages and play it accordingly. If it does break down look for another bounce play retesting the previous support at the 78.6 Fib level, perhaps a little bit higher corresponding back to the previous level of support a few days ago. Either way watch for the moving averages to break down or break through and go from there.
