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Thread: Litecoin Analysis

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    Litecoin Back in Downtrend

    Unlike BTC, the drop in Litecoin was enough to push the coin back in a downtrend. We are quoted at $49.33 dollars right now, down by 6.8 percent compared to last Wednesday.



    Prices traded as low as $47.92 dollars on October 29th, nearly matching this year’s low at $47.03 dollars. A decisive breakdown below here could lead to extended losses for LTC/USD. Higher up the bulls need a break above the $54.24 swing high to end the bear market on the daily charts. Litecoin is also looking bearish on the weekly charts. The monthlies are not showing a clear trend as of yet.

    Read more on FXOpen blog.

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    LTC/USD

    From last Monday high at $53.8 the price of Litecoin has decreased by about 9% at its recent lowest point at $48.87. Currently, the cryptocurrency is traded at $50.029, which almost a 2% recovery from the mentioned low as the price is in an upward trajectory.



    On the hourly chart, we can see that the price went below the horizontal support level at $52.4 and a big red candle appeared indicating that selling was activated around that area. As the price dropped, it went below the next horizontal support level at $49.23 dipping two times below it and leaving two wicks that both reach out to $48. Currently, as the price has recovered with a big green candle, we are seeing a minor descending structure that is corrective in nature and will likely result in another increase from these levels.


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    Litecoin Double Bottom at $47 Dollars

    Litecoin formed a double bottom in the $47 dollars area. Prices hit a low of $47.78 dollars on October 31st, slightly above the $47.03 price noted on September 12th. This is also the yearly low for LTC/USD.



    The bounce from this area of support was strong enough to propel prices to a high of $56.47 today, effectively ending the short-lived bear trend on the daily charts.The altcoin is trading at $54.36 dollars right now.

    Litecoin needs a breakout above $60 dollars to trigger a rally. On the opposite end a clean breakdown below $47 dollars would re-start the bear and possibly lead to large losses below. Litecoin is bearish on the weekly charts. The trend situation is neutral on the monthlies.

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    LTC/USD

    Since the last week’s analysis on 1th of November, the price of Litecoin has increased by 7.81% measured from the open at $49.88 to the levels the cryptocurrency is currently being traded at $53.83.



    As you can see from the hourly chart above, the price went even further up to the $56.443 level, slightly below the significant horizontal resistance level at $57.344.

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    Litecoin price touched the sideways range’s support line at 50.00 and begins providing calm positive trading, hinting a potential head towards this range’s resistance at 56.00 in the upcoming sessions.



    In general, the sideways bias still dominant on the intraday trading, waiting to breach one of the above mentioned levels to detect the next targets clearly, reminding you that breaking the mentioned support will push the price towards 40.00 mainly, while breaching the resistance will lead the price to achieve gains that reach 70.00.



    Expected trading range for today is between 50.00 support and 56.00 resistance



    Expected trend for today: Sideways

  6. The Following User Says Thank You to hesham1046 For This Useful Post:

    penaltev (11-13-2018)

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    LTC/USD

    The price of Litecoin has fallen by 16.34% from yesterday’s high at $51.38 and is currently being traded at $42.8.



    Looking at the hourly chart, we can see that the price fell through the descending channels resistance with a massive momentum as the majority of the decline happened in only 8 hours. Currently, the price is below the S2 support line at $44.621. I’ve labeled as a support zone forming a cluster around those levels. The wicks from the downside are indicating that some support has been found but I believe that it will hold only temporary.

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    LTC/USD

    Since 6th of November, the price of Litecoin has been in a downtrend and on last Thursday the price was $45.385 at the open. From there the price stagnated at first but at the start of this week on Monday the price started to decrease again falling further down to $32.813, which is the yearly low.

    The price has been consolidating and is now at around $34.64, which is an overall decrease of 23.40% in the last seven days.



    As you can see from the hourly chart, the price went below the descending channels support (black interrupted line) and below the horizontal support level at $38.21. The price found support on the next horizontal support level at $33.29 and has been consolidating above it since then. The consolidation has a symmetrical triangle shape, which indicates equal aggressiveness from both sides.

    Read more on FXOpen blog.

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    LTC/USD

    From last Thursday when the price of Litecoin was $35.419 at its open, measured to the current levels on which the crypto is being traded, the price has only decreased by 1.08%. The price did go lower from last Thursdays open, as it was the minor Z wave ending point from which another drop has been made to $27.46 area where the horizontal significant level is.



    Looking at the hourly chart, you can see that the price interacted with the mentioned level with a spike down on Sunday when the cryptocurrency market was at its lowest from the start of the year. Since the low has been made the price started to recover and has at first came up to the downtrends resistance line where it got rejected. But as the rejection ended with a higher low, enough momentum was picked up for a breakout at the second attempt.

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    LTC/USD

    Since our last week analysis on Thursday, November 29th, when the price of Litecoin was at $35.14 measured to the current levels at around $29.6, the cryptocurrency has decreased in value by 15.87%.



    Looking at the hourly chart, you can see that the price didn’t go down in a straight line. Instead, the price fell at first to around $32, which was considered to be a higher high at the time a normal retracement after the upswing that broken the prior downtrend resistance. But as you can see the price increased again after establishing support but failed to exceed the prior high as it came to $35.4 area again and was stopped out.

    More on FXOpen blog.

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    LTC/USD

    At the moment of our last week’s analysis on Thursday, December 6th, the price of #Litecoin was around $25.8. From there the price went down to around $23.2 and even spiked further down but the hourly candle has closed above leaving a wick on the hourly chart as you can see below. From there the price went to recover and has increased to $27 but fell again to $23.7.



    This continued and the price action has formed a triangle, which looks like a bearish pennant considering the price action context. Its resistance line is the support from the previous structure and it was well respected in the past both on the previous structure as support and now as resistance.

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    LTC/USD

    Since the beginning of the year, the price of Litecoin has been in an upward trajectory increasing exponentially from $30.7. LTC/USD reached $34.970 at it’s highest point yesterday, thus, the growth was around 14%. On Thursday, the altcoin price has decreased from $34.38 to the current level of $33.56. Measuring from January, 1 to the current levels, the pair is still up by 9.22%. But we may see further downside as a minor retracement for Litecoin in the upcoming period.



    On the hourly chart, after an impulsive 12345 led the price of Litecoin up to $37.146 a correction occurred pushing the price down to $28.7. I have labeled this move as the W wave from the Minute WXY correction which is likely playing out after the impulsive move up. After the W wave was completed and the price action formed a descending channel, a breakout from the upside occurred. This pattern occurred next time as well but on a minor scale. And both times a descending channel was formed making the price escape from the upside.

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    LTC/USD

    During the week the price of Litecoin fell from $40.113 on Monday to the current levels at around $35.40. Thus, the cryptocurrency has depreciated in price by 11.83%. The price went further up to around $42 area on Tuesday making a higher high surpassing the previous one at $37.312. From there the altcoin fell quickly to $34.57 and has recovered to its current level at $35.358.



    On the hourly chart, the price dropped from the $39.732 level today, decreasing by 12.62% in one go. The LTC/USD is on the current uptrend support line now and has bounced off of it nicely as since the interaction occurred 1.95% green candles were formed. This isn’t still enough to say that it won’t continue going lower and break the support level as the momentum behind the sell-off looks strong.

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    LTC/USD

    Last Thursday the price of #Litecoin was $39.8. From there it started falling down fast as it came from $39,75 to $32,72 at the lowest point on the same day, which is a drop of 17.5%. The price continued its downward trajectory and reached $32.5 on Friday, but the price stabilized around $32.48 level over the weekend and even started increasing on Sunday when it came up to $33.426. But more movement to the downside has been made from there as the price came down to $30.47 on Monday.



    From there on the price has started increasing and came up by 9.76% as it reached $33.366 slightly above the 0.5 Fibonacci level. But since it also came to the minor downtrends resistance it started decreasing again. Hence, the sellers pushed the price back below the 0.5 Fibo level again with a struggle at first. Then the sellers showed more determination as a large 5% red candle occurred, which is only 2% lower from the previous green one to the upside.

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    LTC/USD

    Since last week’s analysis on Thursday 17th when the price of Litecoin was $31.9, the price of the cryptocurrency has been going sideways to $30.755, the lower line from the range, which is stuck, and then to the upper resistance line of the range around $33.742.



    Looking at the hourly chart, you can see that the price action created a consolidative range, which looks like a descending triangle between the 0.618 and the 0.5 Fibonacci level. The price went above the 0.5 Fibonacci level on Saturday and interacted with the upper line resistance level at $33.742. After an interaction the price fell quickly down to the range support line at $30.755 and stayed around there retesting it again on around Monday.

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    LTC/USD

    Since last Thursday when the price of #Litecoin was $32.3 things haven’t changed much as the price is currently at the same levels.



    Looking at the hourly chart, you can see that this didn’t happen in a straight line as the price of Litecoin went further up and came to $34.254 from last Thursday’s price, which was on the 0.786 Fibonacci level. But since the price encountered resistance there it was rejected and went down to the next horizontal level to find support, which was slightly above the 0.5 Fibonacci level or in price terms at $30.755.

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