Litecoin Price Technical Analysis for 7/10/2015 - Strong Resistance Ahead
Litecoin rises 2.92 percent to $3.098 as it breaks away from the consolidation phase which lasted for 7 consecutive days. This is also the highest closing level for Litecoin in over a month. The rise in Litecoin could also be partly attributed to a strong surge in Bitcoin on the back of a strong momentum breakout. Helped by the price jump, Litecoin is now in the sniffing distance of a crucial overhead resistance which we discussed in the previous Litecoin analysis In a Fix? Below are the latest technical considerations taken from the daily LTC-USD price chart. Helped by the price jump,....
Related News
Litecoin bulls seem to be facing a strong supply pressure near $1.80. Even though the price has rebounded from a six-week low of $1.60 to the current $1.79, I still believe that this is a seller's market, and that rallies should be used to exit long positions and initiate fresh shorting. As can be seen, I have used a 240-minute LTC/USD price chart and applied multiple technical indicators as well as marked key technical resistance levels. Interestingly, they all point to one thing: Exit on Rise. Technical Resistances: Litecoin is now struggling near Resistance Line 1 (marked above). The....
The long call given in previous Litecoin price technical analysis Breakout has certainly paid off big. Litecoin price has jumped from $2.887 to hit an intraday high of $3.137, a huge addition of 8.66 percent. Even now, the momentum is looking very strong as Litecoin threatens to take out another key resistance level. Litecoin is currently trading at $3.110. Technically, Litecoin remains on a very strong footing but it runs a major risk as well - the risk of being quickly overbought. Read the latest values of the technical indicators below for further clarity. Litecoin Chart Structure -....
Litecoin falls 1.47 percent to $3.075 after kissing the resistance at $3.130. In the previous Litecoin price technical analysis, we said that Litecoin could leapfrog to higher levels on consistent support from the buyers, but what we have got instead is a bout of profit booking which once pulled down the price to an intraday low of $3.050. But can this decline prove fatal to Litecoin? Will the crucial support of $3.000 be breached? Let us try to find that out by conducting a technical analysis on the daily LTC-USD price chart. Litecoin Chart Structure - As can be seen, the higher top,....
Litecoin's steady advance has brought the price up to the highest level of June i.e. at $1.800, and it may go even higher as bulls tighten the noose on the bears. In my previous analysis titled, Buy, But Don't Forget This!, I mentioned that Litecoin is a buy on dips candidate; that statement holds for today as well! Litecoin is currently trading up 2.10% at $1.797. Litecoin's chart structure is strongly bullish, however, the technical indicators reflect a mixed outlook. A 240-minute LTC-USD price chart has been analyzed here. Litecoin Chart Structure - Litecoin's higher top, higher bottom....
Litecoin has broken above the resistance line discussed in At Resistance, giving the buyers an opportunity to add long positions. Litecoin is currently trading at $4.051, up 3.34% aided by a price jump in Bitcoin. Since there is a strong correlation between Litecoin and Bitcoin, any pressure on Bitcoin will get reflected in Litecoin as well. Read the latest technical observations of the daily LTC-USD price chart to get a better idea. Litecoin Chart Structure - Now that Litecoin has breached the resistance, the target on the upside is $4.500. However, it must also be noted that the breached....