Litecoin Price Technical Analysis for 25/6/2015 - Short-sellers have been rewarded!
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....
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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....
Litecoin is trading with a positive bias as short sellers run for cover. The cryptocurrency is trading 13.44 percent higher at $2.870 as oversold conditions give way to profit booking. But this probability was already discussed in the previous Litecoin technical analysis Next Target $2.000. Adding to the comfort of the cryptocurrency is the sharp advance in Bitcoin. I am of the opinion that the current rally is a trap and that market participants should rather consider shorting Litecoin on a rise by placing a stop-loss above $3.200. And below are the latest technical indications which are....
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....
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....
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....