We chose LTCUSD and WMT.US for our today’s technical analysis. Litecoin is appreciating as investors are anticipating the upcoming upgrade, while Walmart was trading close to an all-time high as the market awaits the Q2 earnings report that will be revealed today.
SimpleFX LTCUSD Chart Analysis: August 18, 2020
The market continues to move within the yellow channel. For a long time, the price was near its lower wall.
Not so long ago, the cryptocurrency pair pushed off from the lower yellow line, and we saw the formation of a new green channel.
If the bulls continue to lead the market up and can break through the upper line of the green channel and the resistance level of 75.97, then they can open the way to the upper line of the yellow channel and the resistance level of 109.79, which is on it.
There is also a chance that the bulls will not have enough strength to move further, so in the near future, the decline is possible to the support level of 59.15, located on the lower wall of the green channel.
Then, when this price level is broken, LTCUSD will continue to move down to the lower line of the yellow channel and the support level of 47.45.
SimpleFX WMT.US Chart Analysis: August 18, 2020
Currently, we see the development of a bullish trend, which is formed inside the yellow and green channels.
In the current situation, there are two possible scenarios.
In the first case, the market can continue to move up to the upper wall of the yellow channel and the resistance level of 146.62. If the bulls manage to break through this level, we could see a continuation of the price increase to the upper line of the green channel and the level of 154.13.
In the second option: wall mart may start moving in a downward direction, and if it breaks the lower line of the green channel and the support level of 130.51, it will open a path to the lower yellow line and the support level of 115.42.
