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Thread: Litecoin Analysis

  1. #211
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    LTC/USD

    From Mondays open at $63 the price of Litecoin fell by around 10% as it came down to $56.7 the following day. Since then we have seen the formation of the local ascending range but in which the price recovered by 4.21% coming to $59 at its highest point yesterday.



    Today on the 15-min chart, we have seen another bounce from the ascending channels support on the slightly higher high. Now the price is again in an upward trajectory and is being traded around $58.

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  2. #212
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    LTC/USD

    Last week, on Wednesday, September 23rd, the price of Litecoin came down to revisit the September 21st low area and was coming to around $42.5. Since then we have seen the formation of the ascending channel in which the price has been bouncing and now again came to its resistance level for a higher high. At the moment it is being traded at $47.9 which is slightly below todays high but is showing strong bullish momentum as the majority of the increase occurred in two hours.



    On the hourly chart, we can see that the price still hasn’t come to test the significant horizontal resistance point at around $49.1 but interaction is likely to occur shortly as it came above the minor horizontal level at around $47. A pullback might happen before the expected interaction in which case another retest of the ascending channels support level could be seen, but considering that the price has surpassed the $45.3 level it could find support around $46 area.

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  3. #213
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    LTC/USD

    The price of Litecoin has been moving sideways since a breakout to the downside was made from the ascending channel last week’s Thursday when it reached $48.5 at its highest peak. A decrease of 8.63% was made measured to the close of the hourly candle but the price moved even further to the downside coming to $43.2 at its lowest. Since last Friday’s low a recovery has been seen with the price coming close to it’s Thursday’s high but a quick spike to the upside ended with an equally strong impulsive move that led the price below its previous upside starting point and retested the $45.3 horizontal level.



    Looking at the hourly chart, you can see that from the retest of the horizontal zone another minor recovery has been seen but the price struggled to surpass its minor horizontal resistance at $46.8 and was rejected there once more. A higher low has been made today which could be interpreted as a bullish sign but we are yet to see if the price could catch enough momentum for a breakout to the upside and in a more sustainable uptrend.

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    LTC/USD

    From last week’s Thursday when the price of Litecoin was sitting at $45.58 at its lowest points, we have seen an increase of 13.38% measured to the highest point the price has been this week at $51.68. Since the Monday’s high a pullback developed to the significant horizontal resistance level at $49.106 which was broken on the way up and the price is currently testing it for support.



    On the hourly chart, you can see that the price made an interaction today with the mentioned significant horizontal support and from the current candle it appears that the support is going to be present at those levels. More so this pullback should be a corrective one as the 4th wave out of the five-wave impulse to the upside would develop fully, further higher highs would be expected.

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    That should cause enough psychological resistance to send the market back down, at least initially.

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    LTC/USD

    From last week when the price of Litecoin was sitting at $46.3 level at its lowest, we have seen an increase of 21.64% as the price came up to $56.32 at its highest point today. Now it is being slightly lower but we have seen strong bullish momentum behind the price action and is still in an upward trajectory.



    On the hourly chart, you can see that a breakout was made into the range above the 0.236 Fibonacci level. This was expected as the 3rd wave of the higher degree count and the price came up to those levels but there weren’t been any signs yet of the momentum slowing down. A pullback would be the 4th wave which means that another increase would be expected next to the vicinity of the 0.5 Fib level at around $58.3 zone.

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    LTC/USD

    From yesterday’s low at $51.7 the price of Litecoin has increased by 8.27% coming to $55.89 at its highest point today. Now the price is being traded slightly lower at around $55.5 but is still showing strong bullish momentum and is in an upward trajectory.



    On the hourly chart, you can see that the price of Litecoin made an interaction with the 0 Fibonacci level at $51.67 on Tuesday from which it bounced but fell again yesterday for the second retest. As this second interaction ended by validating the support once more, a stronger move to the upside was seen. The price managed to move back up above the 0.236 Fibonacci line which served as another horizontal support level but was broken in a move to the downside.

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    LTC/USD

    The price of Litecoin has been increasing since last week and came up from $124.2 at its lowest point on Saturday to $170 at its highest on Monday. This week has started with a pullback to $147.2 but the price is back on the same levels as on Monday.



    Looking at the hourly chart, you can see that the price made an interaction with the horizontal resistance found at the $170 level and fell back to its ascending trendline. As it found support there again it is currently making another breakout attempt.

    If the price makes a higher high and continued moving past the $170 level it would serve as an early indication that the price is going to continue its bullish trajectory past the upper ascending trendline as well.

    But if it fails to do so we might be seeing the completion of the higher degree ending diagonal which formed on the 24th of December. If this is the case then the currently seeing breakout attempt might end as a slightly higher high just making an interaction with the upper ascending trendline before we see a downturn.

    However, currently, there are more signs of bullishness than bearishness which is why the uptrend continuation looks more likely.

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    This topic is being updated for further discussions...

  10. #220
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    LTC/USD
    The price of Litecoin has been in a decline since Tuesday when it was sitting at $166.11 and made a downfall to $130 level today, which was a decrease of 21.74%. Now the price is being traded slightly higher but is still in a downward trajectory.



    Looking at the hourly chart, you can see that the price made a breakout below the ascending channel that formed since the 11th of January when the price fell to the $112.33 area. From there a recovery was made all the way up above the $160 level but now another impulsive descending move has been seen which is most likely the continuation of the corrective decrease. If this is the three-wave corrective decline from the 10th of January the move to the downside would be expected to continue and surpass the prior low at $112 and could potentially continue all the way down to $82.9.

    However, there is a possibility that this is going to be a triangle formation of the higher degree in which this three-wave move could be its first sub-wave. In that case, the price could make another significant recovery before this move to the $82.9 horizontal level. The price has found support at 0.236 Fib level at least a temporary one, so now we are going to see what happens as if it manages to stay up the recovery might come.

  11. #221
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    LTC AND EOS – MORE UPSIDE EXPECTED

    LTC/USD
    The price of Litecoin has been on the rise from the 25th when it was being traded at $169. We have seen an increase of 18.7% as the price came up to $200 at its highest point today. Currently it is being traded slightly lower but is still in an upward trajectory overall.



    Looking at the hourly chart, we can see that the price came up to the 0.382 Fibonacci level and made an attempt to break out above it but failed to do so. The first attempt was made on the 29th from which we have seen some sideways movement below the level before finally another attempt was made today. The price would now be expected to make pullback as the 3rd attempt for a breakout failed, but we haven’t seen a rejection just yet.

    Read more on FXOpen blog...

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