Litecoin Price Technical Analysis for 21/5/2015 - Bulls Stop to Catch Breath!
Litecoin posted an exceptional rise from yesterday's $1.441 to an intraday high of $1.475 before bulls stopped to recharge their batteries. With this surge, Litecoin also breached the trading range on the upside before profit booking dragged the price back into the range. Litecoin is currently trading up 0.7% at $1.451. Litecoin's recent high volatility price action prompts us to revise the trading levels. Presented below are the technical observations from a 120-minute LTC/USD price chart. Litecoin Chart Structure - Backed by strong bullish mood, Litecoin surged above the crucial....
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After having stopped for breath, bulls have steamrolled the bears and Litecoin surged 5.6% to hit the highest level in a week. With this rise, Litecoin has also broken away from a medium-term trading range and looks well poised to accumulate hefty gains going ahead. Owing to the strong advance, Litecoin has become expensive to $1.532. Technical analysis of the 240-minute LTC/USD price chart indicates that even after the massive surge, there is still steam left in Litecoin and it may eventually touch $1.600. Litecoin Chart Structure - Litecoin has staged a positive breakout after having....
The mighty bulls are back! After taking adequate rest and catching enough breath, they have made a powerful comeback and exposed the frailty of the short-sellers. Backed by strong sentiments, Litecoin is now challenging a crucial resistance level. Litecoin is currently trading up 2.8% at $1.865. From a technical perspective, things look very positive for the virtual currency. An analysis of the 240-minute LTC-USD price chart tells that Litecoin should threaten previous tops unless bulls lose complete control of the situation. Litecoin Chart Structure - A closer look at the chart reveals....
In my Friday's analysis post, Drops, But Still Near Highs!, I had mentioned that bulls were challenging a key resistance level of $1.865 and may eventually take the price higher to north of $2.000. But, they were overwhelmed by the strong selling pressure over the weekend and Litecoin's moments of glory came to an abrupt end! As bears hammered bulls, Litecoin lost 9.82% over the weekend to trade at $1.670. The 240-minute LTC/USD price chart reveals that the cryptocurrency is now considerably near the crucial support zone, below which we may witness a flash crash. Litecoin Chart Structure -....
Litecoin bulls have made a great attempt in narrowing the recent losses as the price advanced roughly 1.5% to be trading at $1.797. I had mentioned in my previous analysis, Support Breached, Look to Exit! that market participants should build short positions on rise up to $1.785 by maintaining a stop-loss just above $1.795. Since the stop-loss has been triggered, it only makes sense to adopt a wait and watch strategy until convincing directional signals emerge. The 240-minute LTC-USD price chart indicates that the market may test the patience of the traders for a little longer before it....
Bulls have faltered in their upward march and given to the bears an opportunity to gain control. As a result, technically important support levels have been breached which could lead to more losses in the value of Litecoin. In my previous analysis, From Resistance to Support!, I did mention that all the long positions must be built with strict stop-losses. Since the supports have been breached, a lot of long positions may have been squared. Litecoin is down 1.66% to $1.771 since yesterday. Technical analysis of the 240-minute LTC/USD price chart reveals that market participants should look....