Litecoin Price Technical Analysis for 25/6/2015 - Short-sellers have been rewarded!
In my previous analysis, Hold on, Traders!, I had discussed that Litecoin must be shorted and that market participants should expect some good action this week! As can be seen, Litecoin has slumped more than 10% in the past 24 hours as bulls failed to breach the resistance posed by the downward sloping trendline. Litecoin is now trading down 10.13% at $2.670. My downside target for this short recommendation was $2.600, but this rapid decline has pushed Litecoin into the oversold zone and hence, short covering cannot be ruled out. Litecoin Chart Structure - The fall has pushed the price....
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In my previous analysis titled Short-sellers have been rewarded!, I had urged market participants to cover their short positions as Litecoin was oversold from a near-term perspective and hence short covering could be in the offing. As can be seen from the chart below, following my previous observation at $2.670, Litecoin jumped a massive 9.5% to hit a high of $2.924. Litecoin is currently trading up 7.97% at $2.883. Technical analysis of the 240-minute LTC-USD price chart confirms that Litecoin can be shorted now or up to a high of $2.950 by keeping a strict stop-loss above $2.980 (closing....
Litecoin is trading with a positive bias as short sellers run for cover. The cryptocurrency is trading 13.44 percent higher at $2.870 as oversold conditions give way to profit booking. But this probability was already discussed in the previous Litecoin technical analysis Next Target $2.000. Adding to the comfort of the cryptocurrency is the sharp advance in Bitcoin. I am of the opinion that the current rally is a trap and that market participants should rather consider shorting Litecoin on a rise by placing a stop-loss above $3.200. And below are the latest technical indications which are....
After having stopped for breath, bulls have steamrolled the bears and Litecoin surged 5.6% to hit the highest level in a week. With this rise, Litecoin has also broken away from a medium-term trading range and looks well poised to accumulate hefty gains going ahead. Owing to the strong advance, Litecoin has become expensive to $1.532. Technical analysis of the 240-minute LTC/USD price chart indicates that even after the massive surge, there is still steam left in Litecoin and it may eventually touch $1.600. Litecoin Chart Structure - Litecoin has staged a positive breakout after having....
It only gets better for the short sellers! In my yesterday's analysis, Fall from Grace, I had mentioned that the decline may worsen to $1.590, and Litecoin has touched $1.562 since the previous observation. The cryptocurrency has now dropped to a crucial level, below which I expect a rapid decline in the market cap. Litecoin is currently trading down 2.2% at $1.633. Things look extremely worrisome for the Litecoin bulls on the 240-minute LTC/USD price chart, conveying that market participants should consider it only as a sell on rise candidate. Litecoin Chart Structure - Litecoin's drop....
Since the last Litecoin price technical analysis Will This Support Hold?, Litecoin has gained $0.067 or 2.45 percent to trade at $2.800. The better part is that Litecoin is currently in a short-term technical pattern which will lead to a big swing in the price. Read on below the latest technical considerations of the daily LTC-USD price chart. Litecoin Chart Structure - Upon a closer look at the price action of the past 6-7 sessions, it can be found that Litecoin has been trading in a small triangle. A triangle, which is a continuation pattern, in a downtrend implies that a bigger downmove....