Litecoin Price Technical Analysis for 10/8/2015 - Short, But With a Tight Stop!
Litecoin falls 1 percent as Bitcoin extended its slide over the weekend. Now at $3.899, Litecoin is in a strong downtrend and price advances can be used to go short in the counter with tight stops in place. Technical analysis of the daily LTC-USD price chart conveys that pessimism still weighs on the cryptocurrency and good profits may be made on creating short positions at extremely low risks. But practicing the stop-losses is the key! Litecoin Chart Structure - The price chart conveys that Litecoin is trading in a lower top, lower bottom structure (marked in the chart), where repeated....
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Litecoin has advanced following the lead of Bitcoin in the anticipation of a solution to the Greek crisis. While Bitcoin has staged a breakout, Litecoin's upside potential remains capped by a resistance line. Litecoin is currently trading up 0.97% at $3.019. I had mentioned in my previous analysis that Litecoin should be shorted if the price rose to $3.020, and I reiterate that short positions should be built by placing a stop-loss (closing basis) above $3.050. Technical analysis implemented on the 240-minute LTC-USD price chart indicates that the market is awaiting a trigger to make a big....
Litecoin price has risen 0.53 percent to get even closer to the downward sloping resistance line discussed earlier in Short, But With a Tight Stop!. Now at $3.920, Litecoin presents very low-risk trading opportunities to both buyers and sellers. But, like always, following the stop-losses will be the key. Since Litecoin is at the resistance level, a positive breakout can bring huge gains to the buyers at low risks (by putting a stop-loss, of course) and if it falls, the gains can be enormous while the risk is minimal. Take a look at the technical considerations of the daily LTC-USD price....
Litecoin manages to stay afloat, thanks to the rebound in Bitcoin, and can be seen testing an important short-term resistance. At $2.844, Litecoin also offers a very low-risk shorting opportunity. But before we go all bearish on Litecoin, let us visit the latest technical indications for further clarity. Here is a lowdown of the key technical aspects from the daily LTC-USD price chart. Litecoin Chart Structure - From the above chart, it is clear that Litecoin has been trading in a contracting channel since September 7. The cryptocurrency is now at the higher end of this range, which tempts....
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 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....