Litecoin Price Technical Analysis for 2/6/2015 - All the Reasons to Short!
It only gets better for the short sellers! In my yesterday's analysis, Fall from Grace, I had mentioned that the decline may worsen to $1.590, and Litecoin has touched $1.562 since the previous observation. The cryptocurrency has now dropped to a crucial level, below which I expect a rapid decline in the market cap. Litecoin is currently trading down 2.2% at $1.633. Things look extremely worrisome for the Litecoin bulls on the 240-minute LTC/USD price chart, conveying that market participants should consider it only as a sell on rise candidate. Litecoin Chart Structure - Litecoin's drop....
Related News
Owing to short covering and some value buying, Litecoin has managed to reach the stop-loss level of $1.690 mentioned in All the Reasons to Short!. So, will we see an upside breakout or will the bears make a timely entry, let's find out here. Litecoin is trading up 3.37% at $1.688. A technical analysis of the 240-minute LTC/USD price chart has been conducted to help the market participants make informed trading decisions. Litecoin Chart Structure - Litecoin has rebounded strongly after crashing to a low of $1.562. Interestingly, the cryptocurrency has formed a Reverse Head & Shoulder....
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....
Since the last Litecoin price technical analysis Will This Support Hold?, Litecoin has gained $0.067 or 2.45 percent to trade at $2.800. The better part is that Litecoin is currently in a short-term technical pattern which will lead to a big swing in the price. Read on below the latest technical considerations of the daily LTC-USD price chart. Litecoin Chart Structure - Upon a closer look at the price action of the past 6-7 sessions, it can be found that Litecoin has been trading in a small triangle. A triangle, which is a continuation pattern, in a downtrend implies that a bigger downmove....
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....
Litecoin has expectedly obliged us with a 13 percent drop during the weekend as Bitcoin crumbles under pressure. We discussed in Bounces Off Support that even while the technical indicators were positive for Litecoin, we must remain on the short side. And that has paid off well; the cryptocurrency succumbed to a low of $3.852 before recouping some losses. Now at $4.041, Litecoin is still in tight clutches of the bears. Technical analysis of the daily LTC-USD price chart reveals that Litecoin may witness jettison by the bulls as bearish pressure mounts, and that we may see a new low in the....