Key Highlights Litecoin price is facing a crucial resistance around the $3.55-60 area where sellers defended the upside more than five times. There is a major bearish trend line formed on the hourly chart with data feed from HitBTC, which is acting as a barrier for more gains. The price is now below the 100 simple moving average (H1), which another bearish sign. Litecoin price continuously failed to trade above the $3.50-60 resistance area, suggesting that sellers are in control and may take it lower moving ahead. Sell Near $3.55-60? Litecoin’s price after trading as low as $3.46 managed to recover from losses, and corrected higher. However, there is a monster barrier formed near $3.55-60 for buyers, which is acting as a hurdle and preventing more gains….
Key Highlights Litecoin price failed to gain momentum and traded lower as sellers managed to gain control. A contracting triangle is at risk of a break lower if we look at the hourly chart with data feed from HitBTC. The price also closed below the 100 simple moving average on the 30-min chart (data feed from Bitfinex), which is a bearish sign. Litecoin price failed to trade higher despite a few positive signs, and it looks like it may trade further lower in the near term. New Lows in Making? It looks like selling pressure prevailed and buyers failed to take the price higher. There is a contracting triangle pattern formed on the hourly chart (data feed from HitBTC), which is about to be broken. If there is a close below the highlighted triangle support trend…
Key Highlights Litecoin price continued to struggle to clear the 100 simple moving average on the 2-hours chart (data feed from HitBTC). However, there are a few positive signs noted on the 30-min chart (data feed from Bitfinex), as there is an ascending channel formed. The price may trade a few points higher, as it is above the 100 MA (30-min chart). Litecoin price struggle continues, but there are bullish signs emerging on the lower timeframe, which can be considered as an indicator of a move higher. Ascending Channel as Catalyst We highlighted a major hurdle for Litecoin price yesterday in the form of the 100 simple moving average on the 2-hours chart (data feed from HitBTC). It continued to stall gains and prevent the upside move. However, when we look at the…
Key Highlights Litecoin price is having a tough time in breaking a major trend line resistance area as highlighted in yesterday’s post. The 100 simple moving average on the 2-hours chart (data feed from HitBTC) is acting as a barrier for buyers. Only a break above $3.55 may call for more gains in the short term. Litecoin price tested a major confluence resistance area and failed to break it. If buyers continue to struggle, there is a chance of a downside move. A Break Possible? Litecoin price moved a few points higher to trade near the 100 simple moving average on the 2-hours chart (data feed from HitBTC). However, sellers defended the 100 MA successfully and prevented the upside move. There were more than two attempts to break it, but buyers failed to take the…
Key Highlights Litecoin price consolidated in a tiny range after a nasty decline towards the $3.40 support area. Selling rallies may be a good idea moving ahead as there is a major confluence resistance area forming near a bearish trend line formed on the 4-hours chart (data feed from HitBTC). On the downside, a break below $3.40 could take the price further lower may be towards $3.20. Litecoin price is struggling to gain traction, which means it remains at a risk. Selling rallies towards the 100 MA (4H) is preferred. 100 MA (4H) as Resistance Litecoin price looks like consolidating in a range before heading higher or lower. No doubt, it won’t be easy for buyers to take the price higher in the near term, as there are many hurdles on the way up. There is a bearish…