Ethereum Price Technical Analysis for 24/12/2015 - Hope You Shorted!
Ethereum has plummeted more than 5% in the past 24 hours to touch a low of 0.00187BTC. Currently sustaining at 0.00192BTC, Ethereum does not provide a low-risk trading opportunity to the market participants. But yes, those who would have followed our short advice in the previous Ethereum price technical analysis A Decisive Breakdown would have profited. At the current level, I am compelled to put forth points which solidify my opinion that the ETH-XBT pair is in a “no-trade” zone. I will be drawing these points from the 4-h ETH-XBT price chart taken from KRAKEN exchange. Chart Structure –....
Related News
Following the lead of Bitcoin, Litecoin has gained 5.69% over the weekend. The advance has also brought the price closer to its resistance zone, beyond which Litecoin may witness a massive rally. Litecoin is currently trading at $3.047. In my previous analysis titled This Market is not for the Greedy!, I had suggested that Litecoin be shorted by keeping a strict stop-loss above $2.980. Those who would have followed this advance would have minimized their losses significantly. Technical analysis of the 240-minute LTC-USD price chart points to a probability that the cryptocurrency may, in....
Litecoin has advanced following the lead of Bitcoin in the anticipation of a solution to the Greek crisis. While Bitcoin has staged a breakout, Litecoin's upside potential remains capped by a resistance line. Litecoin is currently trading up 0.97% at $3.019. I had mentioned in my previous analysis that Litecoin should be shorted if the price rose to $3.020, and I reiterate that short positions should be built by placing a stop-loss (closing basis) above $3.050. Technical analysis implemented on the 240-minute LTC-USD price chart indicates that the market is awaiting a trigger to make a big....
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....
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....
Ethereum is trading very flat in a dull session as bitcoin remains undecided about the future direction. Currently at 0.00191BTC, Ethereum is in a no trade zone as discussed in the previous technical analysis. Sole Positive – The technical indicators are, however, rebounding from the respective oversold levels. I would like to discuss the resistance and support levels for Ethereum now. To serve this purpose, I will be using the 4-h ETH-XBT pair. Chart Structure – The pair has been registering lower tops and lower bottoms for the past 10 trading sessions. Connecting the two highs in this....