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Thread: Litecoin Analysis

  1. #121
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    Litecoin price touched the minor bullish channel’s resistance that appears on the chart and shows some slight bearish bias now, noticing that stochastic provides negative overlapping signal now, waiting to motivate the price to resume the bearish trend in the upcoming sessions, which its targets begin by breaking 59.45 level to confirm opening the way to head towards 40.00 that represents our next main target.



    Therefore, the bearish trend will remain valid unless breaching 70.00 level and holding above it.



    Expected trading range for today is between 55.00 support and 70.00 resistance

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    Litecoin Up 25 Percent


    Similarly to big brother, LTC underwent a slow but steady rally during the past two weeks. The coin is up by $13.68 dollars or 25 percent during this timeframe.



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    Litecoin price continues to move within tight track, and the price still below the EMA50, waiting to resume the bearish trend that its next target located at 40.00, affected by the completion of the bearish flag previously.



    We should note that breaching 58.00 will push the price to test 70.00 areas initially before any new attempt to decline.



    Expected trading range for today is between 45.00 support and 60.00 resistance

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    Litecoin Falls by 21 Percent

    Like most cryptos Litecoin followed BTC in the crash, initially falling by 21 percent, from $67 to $53 dollars per coin. Unlike bitcoin however the losses in LTC/USD continue, with the pair hitting a low of $49.84 dollars today.



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    Litecoin price shows more bullish bias to move above 60.00 barrier now, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, which its next target located at 69.40, supported by moving above the EMA50, taking into consideration that the continuation of the bullish trend depends on holding above 50.00.



    Expected trading range for today is between 55.00 support and 70.00 resistance

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    Litecoin price fluctuates with slight negativity to approach the minor bullish channel’s support, to continue suggesting the bearish trend for today supported by moving below the EMA50, waiting to target 53.00 followed by 50.00 levels mainly, noting that holding below 63.30 is important to achieve the suggested targets.



    Expected trading range for today is between 50.00 support and 60.00 resistance



    Expected trend for today: Bearish

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    Litecoin price settles above the EMA50 that carries the price from below, which protects trading inside the intraday bullish channel, while stochastic provides positive signals on the four hours’ time frame.



    Therefore, we believe that the chances are valid to continue the bullish trend in the upcoming period, reminding you that our next targets located at 63.30 followed by 69.40, while achieving them conditions holding above 57.15.



    Expected trading range for today is between 57.15 support and 69.40 resistance

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    Litecoin Back in Range

    After a sizeable bounce Litecoin ended the downtrend and is now back in a range. The coin is quoted at $59.18 dollars at the moment. A breakout above $65.16 dollars is needed for a new uptrend. A move below this year’s low at $47.03 would re-start the downtrend. In the altcoin world a lot depends on what happens with big brother bitcoin, so make sure to follow price developments over there as well.



    Read more here.

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    [QUOTE=hesham1046;2377743]Litecoin price settles above the EMA50 that carries the price from below, which protects trading inside the intraday bullish channel, while stochastic provides positive signals on the four hours’ time frame.



    Therefore, we believe that the chances are valid to continue the bullish trend in the upcoming period, reminding you that our next targets located at 63.30 followed by 69.40, while achieving them conditions holding above 57.15.



    Expected trading range for today is between 57.15 support and 69.40 resistance

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    Litecoin Also in Range

    Litecoin is also in range. The coin is trading at $58.58 dollars right now, only 60 cents below the $59.18 price noted last Tuesday. In percentage terms this is a decline of around 1%, negligible amount for the usually volatile LTC/USD pair.



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    LTC/USD

    From Monday’s spike at $62 the price of Litecoin has retraced by 11.8% as its currently trading at $54.73.



    Looking at the hourly chart we can see that the price action is now back on the descending channels resistance line, which now serves as a support. As you can see, the price action formed an ascending channel that breaks out from the descending one. But it results in a painful and slow upward move followed by a massive red candle bringing the price back inside the territory of the descending channel. It happened on Monday and happened two more times previously. I believe that this will happen this time as well and the price is heading down to the lower support zone line at $49.2 or even lower to the support zone lower line 2 at $44.62.

    Zooming out on to the 4-hour chart you can clearly see where these significant horizontal levels originate from, and that zone was the main plateau from which the all-time high was made. It would be very significant to break it as it serves as a strong support and was well respected in the past. The price hasn’t gone below it since August last year.

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