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Nov 12, 2019 at 13:33 // News

Litecoin price analysis

Litecoin has gained 22% in its upward move against the latest bearish impulse. news outlet reports that the coin has many other opportunities as the initial resistance level has been breached.

By November 12, Litecoin has two hurdles to jump over before Litecoin can be regarded to be in an uptrend. It is currently facing resistance at $64. Nevertheless, LTC will have to jump over the resistance levels of $64 and $80 before it can commence an upward movement.

The market is expected to reach a high of $130 or $140 price level if the bulls succeed in overcoming those levels. However, if the pair fails to overcome those levels, the coin will remain at the bottom of the chart and may slide back to the previous low. Nevertheless, more buyers should be introduced at the current price level to propel the buying power.    

Litecoin Indicator Analysis

The RSI tool period 14 levels 53 are above the centerline 50 which indicates that the price will tend to rise. The major issue is that the downtrend line has been broken which signals that the bearish pressure has been exhausted.

LTC chart.png

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

Key Demand zones: $50, $30, $10

What Is the Next Direction for Litecoin?

In a matter of days, Litecoin will rise as soon as the first hurdle is jumped over. Though, the LTC has to increase its buying power at the support level. The EMAs have shown that the pair is likely to rise as the price is above it. Nonetheless, the bulls have to ensure that the price is sustained over the EMAs for the coin to rise. Our analysis will be nullified if the price breaks below the EMAs.

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 , 2019-11-12 13:33:00 ,

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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.

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

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