Litecoin Price Technical Analysis For 24/12/2015 - Initial Target Achieved
Litecoin price continued to move higher and currently showing a lot of positive signs. As highlighted in yesterday’s post, we were looking to buy Litecoins. The idea worked well, as the price traded higher. The best part was the fact that the price also settled above a major resistance area of $3.60. It means the bulls are here to stay and if they remain in control, then more gains are possible moving ahead. The price traded as high as $3.67 if we look at the hourly chart with the data feed from Bitfinex. If the price corrects lower from the current levels, then an initial support can be....
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Key Highlights. Litecoin price broke a major support area on the hourly chart (price feed from Bitfinex) and traded lower. Our initial sell target of $3.10 was achieved as forecasted in the recent technical analysis post. The price may attempt to correct higher in the short term and might face sellers near $3.15-20. Litecoin price moved lower sharply and failed to trade higher, suggesting that buyers are struggling to hold the ground. Support Turned Resistance. Finally, our previously highlighted $3.40 resistance area acted as a catalyst and pushed Litecoin price lower. A major support....
Yes, you read that right! The next price target for Litecoin is $2.000; my previous PT (price target) of $3.000 for August has been met and surpassed, and I believe the cryptocurrency will witness severe pain in the coming sessions as well. As Bitcoin witnessed its Black Monday, it became increasingly clear that Litecoin will face the wrath of the bears. Litecoin is currently trading at $2.530, down a massive 24 percent and the decline may only accelerate going forward. Take a look at the latest daily LTC-USD technical considerations below. Litecoin Chart Structure - Litecoin has broken....
In the past 24 hours, Litecoin price has swung from a low of $1.60 (my target achieved) to a high of $1.82, before giving up most of its gain to be trading at $1.71. In my yesterday's analysis titled Weak Stance, I advised against shorting the cryptocurrency at lower levels and to sell only on a rise. Litecoin may have derived its volatility from the turmoil in Bitcoin. But, it has also established a short-term trading range; with $1.60 as the floor and $1.82 as the ceiling (marked in the price chart below). In one of those rare disconnects from Bitcoin, Litecoin is trying to push its way....
Litecoin price – after finding bids near the $3.50 support area – traded higher earlier, but yesterday sellers managed to take the price down. There was a bearish trend line on the hourly chart (data feed from Bitfinex), as highlighted in yesterday’s post. The trend line and resistance area played well and stalled an upside break in Litecoin price. There was a solid resistance confluence area formed near $3.557, which acted as a barrier and ignited a short-term bearish rally. The 100 hourly simple moving average (data feed from Bitfinex) along with the 50% Fib retracement level of the last....
The gone-by weekend proved to be bearish for both Litecoin and Bitcoin. While Bitcoin suffered an approximately 2 percent decline, Litecoin too suffered a 1 percent loss. But the magnitude of the volatility in the latter overshadowed that in the former. Litecoin is presently trading at $3.943, down 0.93 percent since Friday. Things are still relatively good in Litecoin than in Bitcoin, and may become even better if Bitcoin sustains at the current level or rebounds quickly. Take a look at the latest technical considerations of the daily LTC-USD price chart below. Litecoin Chart Structure -....