Litecoin Price Technical Analysis For 01/06/2016 - Primed For Losses?
Litecoin price yesterday struggled to break a contracting triangle pattern formed on the 30-min chart via the data feed from Bitfinex. Our idea of a short-term buy did not work out, as the price never managed to settle above the contracting triangle. In fact, our idea of selling with a break worked, as the price traded below the support trend line of the triangle and moved towards the $3.44 level. An important point to note is that the price retested the broken triangle trend line where it found sellers for a downside move. It can be seen as a perfect example of a support acting as a....
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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,....
Litecoin is currently down 1.38 percent at $2.781 as the Bitcoin market registers a breakdown. As mentioned in the previous Litecoin price technical analysis No Trading Zone, market participants have their eyes now set on $2.700, the level which had acted as a support in the past. And further weakness in the Bitcoin market may lead to a breakdown kind of situation in Litecoin as well. Here are the latest technical points from the daily LTC-USD price chart. Litecoin Chart Structure - As can be seen, Litecoin remains capped under the influence of the 30-day simple moving average, the current....
Bulls have faltered in their upward march and given to the bears an opportunity to gain control. As a result, technically important support levels have been breached which could lead to more losses in the value of Litecoin. In my previous analysis, From Resistance to Support!, I did mention that all the long positions must be built with strict stop-losses. Since the supports have been breached, a lot of long positions may have been squared. Litecoin is down 1.66% to $1.771 since yesterday. Technical analysis of the 240-minute LTC/USD price chart reveals that market participants should look....
Litecoin has tumbled roughly 5 percent as Bitcoin went weak and has neared the downward sloping support. In the previous Litecoin price technical analysis titled Breaks Out, Buy Near Support, I mentioned that any pressure on Bitcoin will get reflected in Litecoin as well. It was also stated that the support of $3.820 should prevent immediate losses. As can be seen, the cryptocurrency touched an intraday low of $3.820 before retracing. Technical analysis of the daily LTC-USD price chart and the action in the Bitcoin market compel me to be only cautiously optimistic on Litecoin. Litecoin....
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....