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Thread: Litecoin Analysis

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    Default Litecoin Analysis

    Hi, everybody!

    Due to growing popularity of Litecoin cryptocurrency and on-going analysis about it in FXOpen Blog, we decided to start the thread on forum. Your personal analysis and commentaries are welcome!
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    LTC has been volatile in difference to BTC. The Litecoin is down to $3.84 from $4.27 last week. This is a loss of 43 cents or 10 percent.

    The thresholds to starting a new trend remain largely unchanged. A new rally requires a breakout above the yearly highs at $4.60. A new downtrend could start on a decisive breakdown below the $3.40 swing low. Careful though, there are several support levels close-by at the $3.36, $3.31 and $3.22 swing lows. A clearing of this support area may exacerbate the LTC losses.

    On the upper end we have a cluster of resistance at $4.08, $4 and $3.95. More resistance above can be found at $4.60 and the $5 round figure. Last year’s high at $5.64 dollars is another notable level to keep in mind.

    Click image for larger version. 

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    See more in FXOpen blog https://blog.fxopen.com/a-calmer-week-for-bitcoin/
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    Litecoin Down but Uptrend Remains

    Litecoin is down a bit since our last update. Back then LTC/USD was quoted right at the $50 mark. The next day it peaked to a high of $54 on FXOpen before falling back slowly to $44.69 right now.



    Despite the losses, no important levels have been breached yet. An end to the bullish trend requires a break below the $36.24 swing low, while a new downtrend could commence on a clean move below the $34.42 swing low.

    On the upside, we have resistance around the $50 round figure. This is a previous multi-year high for LTC/USD. Although prices stayed above here last week for a few days, the level will likely continue to be relevant. Higher up the new all-time high at $54 dollars is another notable level. A breakout above here could intensify the gains.

    On the lower end, we have support around the $36.24 and $34.42 swings, as noted above. Lower still we have more potential levels at $30 round figure followed by a strong support area around $26 dollars per coin. On the weekly and monthly charts LTC is still looking bullish.

    Source: FXOpen blog

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    Litecoin Rallies 21 Percent From Lows

    Litecoin followed big brother bitcoin, first lower then higher. On July 16th a low of $35.30 was hit, followed by a 21% rally to $42.89 the next day. Today we are trading a bit below the highs at $41.88 dollars per coin.



    Unfortunately for the bulls, the sharp 35% decline from $54 to a low of $35.30 was enough to trigger the end to the uptrend. A new bullish market (on the daily charts) requires a break above the $54 dollars all-time highs. On the other hand, a breakdown below this month’s swing low at $35.30 would start a new LTC downtrend. Weak support below here can be found at $35, followed by $30 round figure. We have a bit stronger support area around $26 dollars per coin. A clearing of this area could lead to more losses.

    To the upside we have weak resistance at the $47.39 swing high, followed by the $50 round figure and of course, the $54 dollars all-time high. On the long-term weekly and monthly charts, LTC/USD remains in rally mode.

    Source: FXOpen blog

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    Last edited by Anrakitori; 08-23-2017 at 10:45 AM.

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    Litecoin Still Range-bound

    Litecoin is staying inside its large range and continues to be mostly dragged up/down by the moves in BTC/USD. Today, for example, we’re seeing a large 5% drop in LTC/USD as bitcoin lost 8 percent.



    To end the current stalemate LTC/USD will need to break out, either up or down. The bulls need a move above the $51.27 swing high to potentially re-start the rally. The bears are looking at the $35.30 swing low. A decisive break below the July lows could start a new downtrend.

    Weak support below here can be found at $35, followed by $30 round figure. We have a stronger support area around $26 per coin. A clearing of this area could lead to more losses. For now, we are in ‘wait and see’ mode here. On the long-term weekly and monthly charts however Litecoin is still looking bullish.

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    Source: FXOpen blog

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    Litecoin Drops, Rallies After Fork

    Litecoin prices fell to a low of $38.11 on July 31st as alts got sold across the board to get BTC and thereby free BCC. With the appearance of the LTC creator Charlie Lee on CNBC we hit a floor in the litecoin rate about day earlier than most altcoins. Prices spiked on July 31st after the interview to $43 dollars per coin and have stayed there ever since.



    Litecoin remains in a range on the daily charts. A new rally requires a break above $46.70 dollars while a new downtrend needs a move below the $35.45 swing lows. On the longer-term weekly and monthly charts LTC/USD is still looking bullish.

    Source: FXOpen blog

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    USDT\LTC
    Litecoin is also growing a bit insecure. The price failed to settle or form a full-fledged correction. Instead, we see is a sharp decline. This suggests the demand level is not high enough. The volume of pending orders proves the point.

    USDT_LTC

    Litecoin price needs settling, which will indicate prominent demand volume. The current upward structure may be broken with a downward turn in the $41 area. This is the point responsible for the entire upward trend structure from $38.

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    Litecoin Hits Resistance

    Litecoin tried to follow big brother bitcoin higher but quickly hit a resistance level. Last week we hinted at $46.70 as a point where a new rally could begin. Unfortunately for the bulls, the break of this level was weak as we only hit a high of $47.22 before falling back.



    Now we’re looking for a break of the new high ($47.22) as a potential trend starter. As usual, we’re looking for a sustained move above this level, not just a brief and shallow spike. Resistance higher up can be found at the $50 round figure, followed by the $51.27 and $53.87 swing highs. A break of the $53.87 all-time high could extend the move higher.

    On the lower end, the bears will need a break below the $38.11 swing low. A clean move below here could start a new downtrend in prices. Support below here can be found at the $35.45 swing low, closely followed by the $35 round figure and the $34.42 swing low. A move below this support area would clear the way for more LTC losses. Despite the muddled picture on the daily, on the longer-term charts, Litecoin is still looking bullish.

    Source: FXOpen blog

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    Failed Breakout for Litecoin

    Unlike its big brother, Litecoin hasn’t been doing as well. The crypto is down a lot versus BTC and stayed mostly flat versus the U.S. Dollar until today. The pair lost $3 dollars today, or close to 7 percent. This was enough to push LTC/USD back into neutral territory.



    A new rally requires a break above $52 dollars. As usual, we’re looking a for a sustained break above these levels, not just a brief and shallow spike. Resistance above can be found at the $53.85 all-time high on FXOpen and around $57 on other LTC trading venues. A breakout above here could intensify the gains.

    On the other end, the bears need a move below the $38.11 swing low. A breakdown below here could start a new downtrend in prices. We have support at $35.45 and $34.41 dollars per coin. A clearing of this support area could open the door to the $30 round figure. Despite the neutral stance on the daily charts, on the long-term charts, LTC/USD remains in a bullish trend.

    Source: FXOpen blog

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    Litecoin has been range bound between $35 on the lower end and $50 on the upper end since mid-June of this year. Though it broke out of the range on July 4, it could not sustain the rally and fell back into the range.

    LTC/USD

    However, if the price again breaks out of $50 levels, we expect the uptrend to resume, which has a pattern target of $65.

    On the other hand, a breakdown below the trendline, can push the cryptocurrency back to the lower end of the channel. There is no trade within the range. Therefore, traders should initiate a trade only on a breakout above the overhead resistance of $50.

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    Litecoin Remains in a Range

    Another week for LTC/USD in a range. We’re up around $4 dollars since last Tuesday but still within the bounds of important price levels.



    A new rally requires a break above $52 dollars.Resistance higher up can be found at the $53.85 all-time high on FXOpen and around $57 on other LTC trading sites. A breakout above here could intensify the gains.

    On the other end, the bears need a move below the $40 round figure. A move below here could start a new downtrend in prices. While stuck on the dailies, on the long-term weekly and monthly charts Litecoin is still looking bullish.

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    Source: FXOpen blog
    Last edited by nicotien; 08-23-2017 at 09:55 PM.

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    Litecoin Finally Breaks Out

    Litecoin prices finally broke out of a prolonged range. The key $52 dollars level was taken out last Wednesday. Then we got a some stalling in the $50 area before finally proceeding higher. We are currently quoted at $62.81 dollars per coin, a gain of $16.8 or 36.5 percent compared to our update one week ago.



    We are now in ‘rally mode’ again. Support below current prices can be found at the previous all-time high of $53.84 followed by the $49 – $52 dollars area. While a breakdown below here should be a cause for worry to the bulls, the uptrend will technically remain in place until the $44.50 swing low is taken out as well.

    Similarly to BTC/USD, because we’re near all-time highs there are no previous levels to the upside. The only levels to note are the round figures like $63, $64, $65, $70, $100 etc. Out of these potential resistance figures the most important would be $100, followed by $70 then by $65. You get the idea. Of course this is not a guarantee that price wont randomly stop in between these levels, as it often does. On the long-term weekly and monthly charts LTC/USD remains in the bullish trend started in March of this year.

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    Source: FXOpen blog

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    Litecoin had a strong showing during the day on Friday, spiking all the way to the $92.50 level. The market has gotten a little bit ahead of itself, so it’s likely that we will see some type of pullback. Litecoin should enjoy quite a bit of support at various levels underneath, including the $85 level, the $82.50 level, and most certainly the psychologically important $80 level. I’m looking for pullbacks that show signs of support to start going long again. Given enough time, I anticipate that this market will go much higher, but I also recognize that the market may be a little bit parabolic. Parabolic markets need to pull back so that they can find enough momentum to continue the massive uptrend. Currently, I believe that the market is going to go looking for the $100 level above. That should cause enough psychological resistance to send the market back down, at least initially.

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    Litecoin fell as well, as we pulled back from the $92.50 level to trade near $65 as I record this. It’s been a 15% loss on Monday alone, and it looks as if we are going to continue to see selling. There is a bit of support at $62.50, but let that area prove itself as support for at least 24 hours before buying. Currently, I don’t have much faith in it happening.

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    More Gains for Litecoin

    Litecoin hit a new all-time high of $93.60 on September 2nd. Then as the China ICO ban rumors started swirling around LTC/USD fell along with the rest of the market. Today a low of $60.55 was hit, a drop of $33.05 dollars from the highs. In percentage terms, this was a move of close to 37%.




    However, this wasn’t enough to end the rally on the daily charts. For that to happen the bears will have to push prices below the $50 round figure. Support above here can be found at the today’s low of $60.55. This is followed by the $60 round figure and the $58.52 swing low. A clearing of this area may open the door to the $50 handle. But like we said above, the daily trend will remain up until the $50 round figure gives way. On the longer-term weekly and monthly charts, LTC remains in a bullish trend.
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