Litecoin (LTC) & Bitcoin Cash (BCH) Market Analysis – May 6th
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Litecoin (LTC) Analysis:
Current Price: $83
Recent Performance: Down 2.8% over the last 7 days
Chart Pattern: Cup and handle structure spotted (but the handle is weak)
Key Resistance: $88 — Litecoin must close 2 consecutive daily candles above this to confirm breakout and open the path towards $100
Key Support: $75 — As long as $75 holds, deeper bearish scenarios (down to $50 or even $20) remain invalid
Trading Plan for LTC:
Entry (Bullish): On breakout and close above $88 (2 daily candles)
Target 1: $100
Target 2: $120 (if momentum continues)
Stop Loss: Below $84
Entry (Bearish): On breakdown and close below $75
Target 1: $60
Target 2: $50
Stop Loss: Above $77
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Bitcoin Cash (BCH) Analysis:
Current Price: $352.9
Recent Performance: Up 0.05% over the last 7 days (outperforming LTC)
Chart Pattern: Rising channel (statistically breaks down 70% of the time)
Key Resistance: $382 — Needs to hold above this level for 8 hours (2 x 4-hour candles) to suggest breakout
Major Breakout Level: $420 — Closing above this for 2 days will trigger a strong rally
Upside Target: $500+
Key Support: $300 (psychological and technical support)
Trading Plan for BCH:
Entry (Bullish): On breakout and close above $420 (2 daily candles)
Target 1: $500
Target 2: $550
Stop Loss: Below $410
Entry (Bearish): On breakdown below $382 and confirmation
Target 1: $311
Target 2: $300
Stop Loss: Above $385
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Summary:
Litecoin (LTC) is in neutral territory but leans bearish unless it reclaims $88
Bitcoin Cash (BCH) risks a pullback unless it breaks and holds above $382 and especially $420