Litecoin Price Technical Analysis - Approaching Significant Resistance
Litecoin price after trading back lower found support near $3.35-40, and currently correcting higher. However, the price is heading towards a monster confluence resistance area. The 100 hourly simple moving average, a bearish trend line (data feed from Bitfinex) and the 50% Fib retracement level of the last drop from the $3.68 high to $3.37 low are positioned around $3.55. So, we can say that there is a crucial hurdle building near $3.55-60 where sellers are likely to appear. The 100 MA is perfectly aligned to stall gains in the short term and prevent buyers from taking the price higher.....
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Litecoin continues to tire out below the previous resistance level of $3.050 but, unfortunately, it has made no significant attempt which would induce fear in the hearts of short sellers. The price trades in an extremely tight range near the highs, making it difficult for the trading community to place their positions at low risks. Litecoin is currently trading down 1.58% at $2.971 and has hit a low of $2.950. Technical analysis implemented on the 240-minute LTC-USD price chart indicates that the traders must remain patient as a breakout/breakdown is around the corner. Litecoin Chart....
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,....
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....
Following the lead of Bitcoin, Litecoin has gained 5.69% over the weekend. The advance has also brought the price closer to its resistance zone, beyond which Litecoin may witness a massive rally. Litecoin is currently trading at $3.047. In my previous analysis titled This Market is not for the Greedy!, I had suggested that Litecoin be shorted by keeping a strict stop-loss above $2.980. Those who would have followed this advance would have minimized their losses significantly. Technical analysis of the 240-minute LTC-USD price chart points to a probability that the cryptocurrency may, in....
Litecoin has broken above the neckline of the Reverse Head & Shoulders pattern which sets its next target at $1.800. But, the upside breach is not convincing enough; the technical indicators do not display strong optimism and the post-breakout price action fails to inspire confidence to buy. Litecoin is presently consolidating above the neckline at $1.700. A technical analysis of the 240-minute LTC/USD price chart prevents me from buying into this market trap. Litecoin Chart Structure - Even though Litecoin has broken above the neckline level of $1.690, it has not made any significant....