Litecoin Price Technical Analysis for 19/3/2015 - Seller's Market?
In yesterday's Litecoin analysis titled, Pressure Mounts, I discussed the possibility of the altcoin heading lower and recommended shorting. In the last 24 hours, bulls have been decimated as the value dived from $1.97 to a six-week low of $1.60. However, the price recovered to $1.71 as sellers booked partial profits. The crash in Litecoin price came in conjunction with an absolute slump in the Bitcoin price from $280 to $250. Bitcoin has routinely had a prominent effect on other cryptocurrencies. Technical analysis on the 240-minute LTC/USD indicates that the sentiment has turned strongly....
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Litecoin bulls seem to be facing a strong supply pressure near $1.80. Even though the price has rebounded from a six-week low of $1.60 to the current $1.79, I still believe that this is a seller's market, and that rallies should be used to exit long positions and initiate fresh shorting. As can be seen, I have used a 240-minute LTC/USD price chart and applied multiple technical indicators as well as marked key technical resistance levels. Interestingly, they all point to one thing: Exit on Rise. Technical Resistances: Litecoin is now struggling near Resistance Line 1 (marked above). The....
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....
Litecoin has broken out from the two-week trading range we discussed in the previous Litecoin price technical analysis titled Range Trading? as positivity from the Bitcoin market spills over. Litecoin is currently trading at $2.887. Though a breakout may seem as the best indication for the market participants to go long on Litecoin, my advice would be to wait for a close above $2.950 or buy on a dip. But, why do I say this? Read on the technical indications below to find out. I still find the technical indications fairly mixed and therefore, require stronger signals or a low-risk....
The rocket has run out of fuel, and it's crashing! Yes, I am talking about Litecoin. The dream investment of many until Friday has turned into a nightmare today. And those who are still holding on to their Litecoin investments may witness more pain. The speculators with deep pockets look set to unravel more of their long positions and cause a steep decline in the price of the cryptocurrency. For those who were unable to track the market during the weekend, Litecoin crashed a biblical 58.26% from a high of $8.650 to a low of $3.610 in a matter of less than 48 hours. Litecoin pared the....
Litecoin has tumbled roughly 5 percent as Bitcoin went weak and has neared the downward sloping support. In the previous Litecoin price technical analysis titled Breaks Out, Buy Near Support, I mentioned that any pressure on Bitcoin will get reflected in Litecoin as well. It was also stated that the support of $3.820 should prevent immediate losses. As can be seen, the cryptocurrency touched an intraday low of $3.820 before retracing. Technical analysis of the daily LTC-USD price chart and the action in the Bitcoin market compel me to be only cautiously optimistic on Litecoin. Litecoin....