Litecoin Price Technical Analysis For 12/01/2016 - Initial Sell Target Achieved
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....
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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....
Litecoin price struggled to move higher Intraday. There was a downside reaction, taking the price towards our sell target of $3.0. Intraday Support Level (HitBTC) can be $3.05. Intraday Resistance Level (HitBTC) may be $3.16. Litecoin price moved a few points higher yesterday to trade near a bearish trend line formed on the 30-min chart (data feed via Bitfinex). I highlighted that we can plan on entering a sell trade near the highlighted trend line and resistance. It played well and if you entered a position, then it’s time to take profits, as our target of $3.0 was achieved. The price did....
Litecoin price fell further and traded towards our final sell target. Moving ahead, a short-term recovery is possible as the price is approaching a critical support. Litecoin price headed down yesterday, as seller remained in action and buyers failed to hold the downside break. Out long followed bearish trend line on the hourly chart (data feed from Bitfinex) continued to play a major role and ignited a solid downside move. As can be seen from the chart attached, there were more than 4 attempts to break the highlighted trend line and resistance area, but buyers failed.
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 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....