Litecoin Trailing Sideways: Congestion Forming
During the past few days, Bitcoin has faced a strong upside resistance around 220, indicating the buyers' hesitancy to enter the low valued market. For obvious reasons, the same market movements are getting noticed in Litecoin-USD charts where the price is moving sideways in the absence of mention-worthy trading volume. As price continues to stay between its prevailing support/resistance levels, the market volatility has subsequently dropped (the congested Bollinger Band in the 1H chart below). The lower volatility further indicates the positions that seem unattractive to new and seasoned....
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Litecoin reached 68% 24 hours gains today crawling up to $2 again and surpassing it. Its gains for today outranked all major cryptocurrencies. However, many investors are worried that this is just a pump and dump. The correction was in fact quite swift as litecoin sits at around 35% gains right now. The correlation between bitcoin and litecoin. We all know that litecoin was created envisioning a lite version of bitcoin. That's sort of how it works when it comes to trading as well, and there has always been a strong correlation between bitcoin's and litecoin's price. When compared, the....
The bitcoin price did stay below $220 for a while today. Some big buy orders pushed the price back up and the BTC/USD is currently struggling to stay above the $220 level. Bitcoin price trailing sideways again. In the meantime, the volume has been slowly drying up as the trades executed in the last 24 hours didn't even surpass the $15m barrier. It's clear enough that the resistance at $220 wasn't strong enough to keep the price above this level. Some huge sell orders caused BTC/USD to trail sideways for several hours. More bearish activity is to be expected despite the few seemingly....
Both Bitcoin and Litecoin have cashed in on the euphoria incited by the launch of Coinbase new licensed Bitcoin exchange. It was indeed an opportunity for traders to pump the market based on optimistic fundamentals. While Bitcoin rose naturally, Litecoin remained to be its sidekick, tailing its trend. Here is a quick recap of Litecoin price movements in the last few days. The LTC/USD was trending sideways in a congestion pattern. There was absolutely nothing in terms of trading volume, only until Coinbase released some details about its upcoming Bitcoin exchange. It was Bitcoin traders....
For obvious reasons, the close approximatations between Litecoin and Bitcoin price movements continue to exist. As a result, the former is also bouncing between specifically prevailing support and resistance lines, while the absence of enough trading volume continues to haunt. Litecoin 4H Chart BTC-e. The LTC/USD exchange rate is currently trending sideways in absence of influential trading volume. After a spike to $2.86 last week, the market has retreated back to bearish regions. In the midway, the Litecoin price has attempted a few bullish correction but only for very short-terms.....
Litecoin has soared more than 6% since yesterday to $3.909 on account of short covering as the cryptocurrency enters into consolidation mode. The rise has brought the price closer to the resistance level of $4.100. I had mentioned in my previous analysis No Relief Seen! that the market participants should not confuse the ongoing sideways action with a base formation. It must be noted that only above the resistance line will a base be confirmed, but until then, chances are that it remains in a lower top, lower bottom structure. Technical analysis of the daily LTC-USD price chart tells that....