Litecoin Price Technical Analysis for 8/10/2015 - Danger Signs Emerge
Litecoin falls 2.19 percent to $3.030 as market participants booked profits in their long positions. The cryptocurrency fell from a high of $3.120 to a low of $2.994 before recouping losses partially. Litecoin Chart Structure - As Litecoin falls towards its strong support (marked in the daily LTC-USD price chart above), buyers are rushing in to buy the cryptocurrency. That is good trading sense given that the trendline has been retested 4 times before and has resulted in a stronger rebound. But, this time, things may work out differently. Why? Read on below what the technical indicators....
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It seems that the big negatives I mentioned in my previous analysis are coming into play, and well. Since yesterday, Litecoin has crashed in excess of 12% and is now trading at $3.980. If Litecoin fails to recover these losses and closes today's session below the strong support of $4.100, we may see a huge decline of 25% in the coming sessions. And I strongly believe that we will see lower levels. Let's take a look at the technical analysis of the daily LTC-USD price chart above. Litecoin Chart Structure - Litecoin had been consolidating above the support level for a considerable time,....
As was expressed in Danger Looms, Litecoin witnessed a strong selloff intraday, crashing by a little more than 20%. I expected the cryptocurrency to hit $3.100 but the price reversed from $3.180. Yesterday marked the fourth straight day of losses for Litecoin. Currently, Litecoin is trading with a deep cut of 6.33% since yesterday's observation. From a technical perspective, it looks like Litecoin will continue to devalue against the US dollar and hence, rebounds should be used to go short in the counter. Litecoin Chart Structure - After breaching the crucial support of $4.100, the....
Litecoin has dropped 6.47 percent to trade at $2.733 as the underlying negativity comes to the fore. We discussed in the previous Litecoin price technical analysis The Pressure is Evident that there is a very low probability of the price trending higher and that bears may make an early comeback. This decline has also brought the price closer to its very important technical support of the 200-day simple moving average (SMA). The question that the trading community is now asking is: will this level cushion Litecoin once again? I continue to remain bearish on Bitcoin as well, which I believe....
Litecoin bears have been smoked by the massive 27% rally in the past 24 hours following a high volume breakout from the range I discussed in my previous analysis, New Range. The surreal rise in Litecoin price has also pushed it to the highest level of 2015. Litecoin is currently trading at $3.871, a strong advance from yesterday's $3.047. Litecoin's jump to a fresh 2015-high closely follows Bitcoin's leap to a new June high, as the Greece crisis comes to its D-day. A technical look at the 240-minute LTC-USD price chart above tells that Litecoin has entered the "no-buy" zone due to its....
In the previous Litecoin price technical analysis Flat Action, we discussed that if Litecoin fails to cross the resistance posed by the level of $3.160, it runs the risk of entering into a range. As can be seen, Litecoin has plummeted 4.44 percent to $2.907 as traders resorted to profit taking near the resistance. Another factor weighing on Litecoin is the weakness in the Bitcoin market. However, the good news is that Bitcoin is now close to its support level of $235. Values from the technical indicators overlaid on the daily LTC-USD price chart also suggest that there is an increased....