Litecoin Price Technical Analysis for 5/8/2015 - Muted Gains
Litecoin has posted muted gains of 1.12%, in line with Bitcoin. It is currently trading at $4.318. In my previous technical analysis titled Dead Cat Bounce, I mentioned that Litecoin should face resistance near $4.500. The cryptocurrency did reach $4.440 before retreating. Apart from this, the technical indications are highly mixed. Litecoin Chart Structure - There is no significant price action that has taken place in Litecoin. It is broadly a lower top, lower bottom structure, and there is a good probability that it stays that way. Fibonacci Retracements - The 23.6% Fibonacci retracement....
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Litecoin has gone berserk after breaking out of the trading channel post a brief period of sideways consolidation. The price has jumped an earth shattering 59% since yesterday to hit a fresh 2015-high of $3.194. As the cryptocurrency loses some steam, the price has come down to $2.850. Litecoin's latest price action would have killed the bears, or at least made them broke. But now, even with the unprecedented rise in bullish strength, it isn't worth to buy Litecoin when it has attained stratospheric valuation. Technical analysis of the 240-minute LTC-USD price chart conveys that the....
The action in Litecoin market in the past 24 hours has been muted. The cryptocurrency has failed to move even intraday and is now trading on a flat note at $2.979. There are two factors suppressing the movement in Litecoin: Overhead Technical Resistances. Lackluster Bitcoin Market. Both of these overhangs should be dealt with quickly if Litecoin is to maintain its positive stance. According to the latest LTC-USD price technical considerations, Litecoin needs only a little upward thrust to secure more gains. Litecoin Chart Structure - The chart structure remains positive until this moment.....
After jumping to a 4-month high of $2.100, Litecoin is consolidating near $2.000 as bulls take a breather while the market participants await a correction. Today's price level of $2.008 is relatively unchanged from yesterday's $2.013 as the cryptocurrency trades in a tight range of $1.980-2.030. However, after a terrible day at work, bears might not make a resounding comeback very soon, so buyers can remain at ease. An analysis of the 240-minute LTC-USD price chart signifies that the muted action in Litecoin will not last for long, and that the breakout from the thin range will most likely....
On the lines of Bitcoin, the muted price action in Litecoin has also completed its one week. The cryptocurrency, which until the first of this month was keeping the traders overly busy, has gone flat since. Litecoin is now trading at $3.736, marginally up from yesterday's $3.732. Technical observations of the daily LTC-USD price chart have been given below. Litecoin Chart Structure - It seems like Litecoin is trying to follow through with its downmove in a way similar to its upmove, when it spent a number of days at a certain level and finally broke past it. I know this may be hard to....
Yes, that is the advice I have for market participants involved in Litecoin trading. Litecoin is currently at a juncture where if it begins its upward climb, it can give high returns; but if it falls, then there is a roughly 25 percent downside. Remember my September price target - $2.000? Trading at $2.790, Litecoin is trying to limit its losses, however, it cannot help much since the Bitcoin markets are under tremendous pressure. Bitcoin is now at $230, but if it closes below $220 on a weekly basis, then a major collapse will ensue which will adversely affect Litecoin as well. Below are....