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. Image: https://www.tradingview.com/x/3dm3Enxh/ Values from the technical indicators overlaid on the daily LTC-USD price chart also suggest that there is an increased probability of the cryptocurrency entering into consolidation phase as both the bulls and the bears fail to get their act together….
Litecoin is holding up fairly well at $2.955 after Bitcoin successfully retested the important support level of $235. The cryptocurrency is up 1.65 percent but it may have entered into a range of $2.500-3.160. My view above is based on the price action and the latest technical indications drawn from the daily LTC-USD price which fail to induce much confidence. Litecoin Chart Structure – Litecoin’s fall was arrested by a swift rise in the price of Bitcoin after it kissed $235. Apart from Bitcoin’s contribution, Litecoin also received good support from the 9-day simple moving average of $2.8840. $3.160 will act as the resistance while $2.500 will act as the support. Moving Average Convergence Divergence – MACD and Signal Line can be seen tracking each other’s gains…
Since the last Litecoin price technical analysis Will This Support Hold?, Litecoin has gained $0.067 or 2.45 percent to trade at $2.800. The better part is that Litecoin is currently in a short-term technical pattern which will lead to a big swing in the price. Image: https://www.tradingview.com/x/m0MWaAZQ/ Read on below the latest technical considerations of the daily LTC-USD price chart. Litecoin Chart Structure – Upon a closer look at the price action of the past 6-7 sessions, it can be found that Litecoin has been trading in a small triangle. A triangle, which is a continuation pattern, in a downtrend implies that a bigger downmove can be expected in the coming sessions. Moving Averages – When Litecoin breaks out of the triangle, expect it to test the 200-day…
Litecoin has fallen to $2.677 after a fresh collapse from the short-term support line. The technical indicators are suggesting oversold conditions, but I believe that the cryptocurrency can still lose value in the coming sessions. There is also a slim chance that Litecoin may briefly enter into a very tight range. Image: https://www.tradingview.com/x/0sauX5LP/ Take a look at what the technical indicators are saying about Litecoin. Litecoin Chart Structure – After the tiring sideways consolidation which extended for 9 straight sessions, Litecoin broke down from the short-term support and is seen heading towards the monthly low of $2.500. I am not expecting the selling to abate quickly following this fresh breach. Moving Averages –The 9-day SMA has for long been…
In the previous Litecoin price technical analysis Something Big is Coming!, we touched upon the triangle pattern formation, a breakdown from which is expected to resume the downtrend that the cryptocurrency is in. Litecoin is currently trading at $2.812, barely higher than its previous observation of $2.800. Image: https://www.tradingview.com/x/7UXTOXdI/ As Litecoin tests the patience of the market participants for another day, I would advise them to hold tight as an immediate breakout from the pattern is imminent. Litecoin Chart Structure – Not much has changed in the chart structure except that the range has contracted even further (see the chart above). Moving Average Convergence Divergence – The downward Signal Line can be seen closing in on the flat MACD,…