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Oct 29, 2019 at 11:58 // News

Litecoin Price Analysis: Litecoin bounces from the low of $50 demand zone. The LTC may be in a sideways move if it faces another resistance at the $64 price level.

Litecoin price Long-term Prediction: Bullish

Recently, Litecoin bounced from its low at the bottom of the chart but the price made a pullback. This shows that the bulls lack buying power at the upper price level. Meanwhile, the price is making a fresh move to reach the upper price level.

However, if the price fails to break the $64 resistance level, Litecoin may be compelled to a sideways movement. Likewise, if the coin makes a positive move, the price will reach the high above $80 supply zone.

Litecoin Indicator Reading 

On October 25, Litecoin made a positive move as it broke the bearish trend line. This implies that the coin is likely to rise and may come out of the downtrend zone. However, the price made a pullback which could bring a setback. 

A set back may arise, if the price falls below the downtrend line, and the selling pressure may resume. Meanwhile, the coin is trading above the 60% range of the stochastic indicator; this means that the pair is in a bullish momentum. Besides, the price is above the EMAs which explain that Litecoin is rising.

Litecoin Price, October 29, 2019

What is the next direction for Litecoin?

The LTC/USD pair is expected to rise since the price has broken the downtrend line. However, the bulls lack buying power at the upper price level which may compel the price to a sideways move. Meanwhile, if the coin pulls through the $60 and $80 price levels, Litecoin will be out of the downtrend zone.

Key Supply Zones: $90, $110, $130

Key Demand zones: $60, $40, $20

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds. By Coin Idol , 2019-10-29 11:58:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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