Litecoin Price Tumbles: LTC Chart Shows Weakness
It's once again becoming obvious that there's a strong correlation between bitcoin and litecoin price. Some days ago it looked like the bearish mood of the market disappeared for a while; but as expected, the recent decrease in bitcoin's price also had an effect on the litecoin price. Blame it on bitcoin(?). LTC/USD experienced ~7% losses today getting further away from $2 per coin. It seems like the 'bullishness' didn't really catch on after we noticed some positive movement last Sunday. It's not really that surprising to see litecoin price go down on a day like this, where almost all....
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In the previous Litecoin price technical analysis Flat Action, we discussed that if Litecoin fails to cross the resistance posed by the level of $3.160, it runs the risk of entering into a range. As can be seen, Litecoin has plummeted 4.44 percent to $2.907 as traders resorted to profit taking near the resistance. Another factor weighing on Litecoin is the weakness in the Bitcoin market. However, the good news is that Bitcoin is now close to its support level of $235. Values from the technical indicators overlaid on the daily LTC-USD price chart also suggest that there is an increased....
It sounds strange but Litecoin in 2016 feels quite strong. You would probably ask: how so, if the price fell to $2.90 and continues to decrease? But take a look at the chart of LTC:BTC – Litecoin exchange rate is fixed higher than 0.008, and even reaching 0.0084. This means that the price of $2.90 speaks not about weakness of Litecoin, but about the weakness of Bitcoin during a whole bunch of bad news (the report of RAND on need of fight against digital currencies, bankruptcy of Cryptsy, the next split in Bitcoin Foundation and a statement of Mike Hearn). Moreover, new discussions on the....
Litecoin has broken above the resistance line discussed in At Resistance, giving the buyers an opportunity to add long positions. Litecoin is currently trading at $4.051, up 3.34% aided by a price jump in Bitcoin. Since there is a strong correlation between Litecoin and Bitcoin, any pressure on Bitcoin will get reflected in Litecoin as well. Read the latest technical observations of the daily LTC-USD price chart to get a better idea. Litecoin Chart Structure - Now that Litecoin has breached the resistance, the target on the upside is $4.500. However, it must also be noted that the breached....
Litecoin is currently down 1.38 percent at $2.781 as the Bitcoin market registers a breakdown. As mentioned in the previous Litecoin price technical analysis No Trading Zone, market participants have their eyes now set on $2.700, the level which had acted as a support in the past. And further weakness in the Bitcoin market may lead to a breakdown kind of situation in Litecoin as well. Here are the latest technical points from the daily LTC-USD price chart. Litecoin Chart Structure - As can be seen, Litecoin remains capped under the influence of the 30-day simple moving average, the current....
Consolidation within Consolidation: Litecoin has rebounded from the low of the year at about 1.10 to about 2.45 before falling back towards the middle of this price range. It has since been consolidating in a smaller range roughly between 1.80 and 2.05. Litecoin (LTCUSD) 4H Chart 2/24. Setting up for a Breakout: The 4H chart shows a market that has turned sideways as the moving averages went from sloping down with bearish alignment, to moving sideways in a cluster. With price moving up and below these moving averages (200-, 100-, and 50-period), we know the market is losing direction but....