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Thread: Litecoin Analysis

  1. #136
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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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