Litecoin Price Technical Analysis for 25/11/2015 - Head and Shoulders in Making
Key Highlights. Litecoin price is likely forming a head and shoulders pattern on the hourly chart (price feed from Bitfinex). If the highlighted pattern is valid, then the price may break lower and head towards the all-important $3.00 support area. There is a lot of bearish pressure, as our previously stated resistance at $3.20-30 continued to act as a barrier. Litecoin price may dive sharply moving ahead, as there is a bearish pattern (head and shoulders) forming on the hourly chart. Neckline Break Near? We mentioned in yesterday's post that Litecoin price may head lower as there was a....
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After hitting a high of $4.85, Litecoin price dropped earlier today to print a low of $4.20 on Bitfinex. As we predicted during yesterday's analysis, price correction is attempting to pull down the price, yet it is well supported above the $3.62 level which corresponds to the 0.618 retracement level according to the Fibonacci retracement we plotted. (Read yesterday's Litecoin analysis here). A Head and Shoulders Pattern on the 1 Hour Charts: By studying the 1 hour (LTC/USD) charts from Bitfinex (look at the below chart) and plotting the 20, 50 and 100 EMAs, we can observe the following:....
Key Highlights. Litecoin price settled above a major resistance area that may now act as a support moving ahead (price feed from Bitfinex). There is a chance that the price is forming an inverse head and shoulders pattern on the hourly chart (price feed from HitBTC), suggesting a move higher. A break above a critical area at $3.40 is needed for buyers to take the price higher. Litecoin price is likely forming an inverse head and shoulders pattern, which may encourage buyers to take it higher moving ahead. Inverse Head and Shoulders Pattern. Litecoin price struggle continues to break the....
Litecoin has broken above the neckline of the Reverse Head & Shoulders pattern which sets its next target at $1.800. But, the upside breach is not convincing enough; the technical indicators do not display strong optimism and the post-breakout price action fails to inspire confidence to buy. Litecoin is presently consolidating above the neckline at $1.700. A technical analysis of the 240-minute LTC/USD price chart prevents me from buying into this market trap. Litecoin Chart Structure - Even though Litecoin has broken above the neckline level of $1.690, it has not made any significant....
Litecoin price if stays positive may trade higher. There is an inverse head and shoulders pattern in making that can ignite an upside rally. Support Level (HitBTC) is at $3.08. Resistance Level (HitBTC) may be $3.18. Litecoin price is showing a few positive signs on the lower as well as on the higher time frame charts. The price yesterday attempted on a couple of occasions to clear a bearish trend line formed on the 30-min chart (data feed via Bitfinex), and buyers finally succeeded in taking the price higher. The price cleared yesterday’s bearish trend line, but there is now another....
Bitcoin price has slumped more than 3.5% bringing the bearish Head and Shoulders pattern to near completion. Bitcoin dropped from roughly $254 to $243 which is in close proximity to the target of $241.50. With this loss, the cryptocurrency has erased all the gains for the month of April. Each Bitcoin is currently worth $244. An analysis of the 240-minute BTC/USD price chart reveals that the damage has been done and the price may consolidate or rebound in the coming sessions. Head & Shoulders Pattern - Bitcoin had been forming a Head & Shoulders pattern - a technical bearish reversal....