Litecoin Price Technical Analysis for 1/7/2015 - A Disturbing Fall from Peak
How times change! Just yesterday, I wrote an analysis Bears Have Been Smoked! and today, I am going to write about Litecoin's frightening collapse from its 8-month high. Backed by strong momentum and positive mood, Litecoin jumped to $4.670, a level not seen since October 2014. But as the market got overheated, traders realized the need to lock in profits which led to a swift slide from the peak to a hit a low of $3.864. Having erased a significant percentage of gains, Litecoin is trading up just 1.42% at $3.926. The technical considerations derived from the 240-minute LTC-USD price chart....
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I think that Litecoin has taken offence from my last analysis As Flat As It Gets and surged over 20% during the weekend to cross the overhead resistance. Litecoin is now trading up $0.839 or 22.45% at $4.575, thanks to a nearly 6% rise in Bitcoin. Even with technical indicators remaining bearish, Litecoin surged during the weekend helped by a rise in the leading cryptocurrency Bitcoin. It has been following Bitcoin since the dramatic fall (see the big red candle in the chart above), replicating its every move. Even now, Litecoin has halted its upmove as Bitcoin has hit a resistance.....
Bullish bias is still evident in Litecoin even as the cryptocurrency fell sharply from 2.14 to 1.98. As discussed in yesterday's analysis, the recent correction in Litecoin presents to us an incredible opportunity to buy as the price structure strongly favors the bulls. Each Litecoin is currently trading at $2.05. A precise technical analysis on the 240-minute LTC/USD price chart indicates that the digital currency may have bottomed out and head higher to take out the 2015-peak eventually. Technically, Litecoin seems to be enjoying a positive undertone. Price chart and technical indicators....
Litecoin has expectedly obliged us with a 13 percent drop during the weekend as Bitcoin crumbles under pressure. We discussed in Bounces Off Support that even while the technical indicators were positive for Litecoin, we must remain on the short side. And that has paid off well; the cryptocurrency succumbed to a low of $3.852 before recouping some losses. Now at $4.041, Litecoin is still in tight clutches of the bears. Technical analysis of the daily LTC-USD price chart reveals that Litecoin may witness jettison by the bulls as bearish pressure mounts, and that we may see a new low in the....
Litecoin has jumped more than 10 percent over the weekend as Bitcoin broke past a crucial resistance level. Now trading at $2.950, Litecoin hit a high of $3.066 before easing a bit. So, will Litecoin head even higher or is this when the rebound fails? Well, it is very hard to say that right now but a clearer picture can definitely be obtained by using some technical indicators and taking cues from the expected Bitcoin price action. Litecoin Chart Structure - The Resistance can be obtained by connecting the tops of Litecoin for the month of August and it is near $3.400. This is also the....
Litecoin gave us another glimpse of its highly volatile nature in yesterday's trading session. In my previous analysis titled Sky is the limit, I had reiterated my opinion that Litecoin is expensive and should be avoided at current levels. Bullish participants may have realized the same when the cryptocurrency had a knee-jerk reaction. Litecoin is presently trading down 3.06% at $5.214. Looking at the 240-minute LTC-USD price chart, I can say that technical indicators are currently giving conflicting signals while the chart structure remains firm. Litecoin Chart Structure - At one point of....