On the 23rd day of October, the price of Litecoin reached its lowest level this year, trading at USD 47,22 according to the exchange Coinbase. Just two days later, the market crypto began a steep climb, which led to LTC to reach USD 64.40 on the 26th of the same month. After a small setback, a new, but less bullish momentum came to play a maximum of 66.19 dollars on the 10th day of November; which resulted in a positive return of over 40% from the lowest minimum of 2019. Chart LTCUSD in temporality daily
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How do you currently Litecoin?
The maximum in the current quarter was also an attempt to break the important resistance of $ 65. The continual attempts of transitions have only created new false breaks, which in turn reinforce the structure bearish view from temporalities older. At present, the price of Litecoin is USD 61.8 according to Coinbase. A price that is the result of continuous rejection of the resistance zone around $ 65. The following impulse with the highest probability is bearish, and that can be slowed by the support nearest, located at the psychological level of USD 50. Technical analysis of the current price of the Litecoin vs Dollar, u.s. The recent push bull is still only a recoil necessary, in favor of a greater structure, which is being followed very clean by the EMA and 8 SMA for 18 weeks; moving averages, which have also been respected in the past in a way very similar to the current bearish trend in Litecoin, for in these moments we can see again the exponential moving average of 8 periods again serve as resistance mobile. Moving averages on the chart LTCUSD in the temporality weekly. EMA and 8 SMA 18.
Litecoin to medium term
The strong succession of low increasingly low keeps the bearish view of the price of Litecoin in the short and medium term. If the next bearish momentum manages to break the support of $ 50; the sales could be extended towards the following areas of media; the subsequent closest is around USD 40, and that of not being able to keep the price of Litecoin, the sales could take it to $ 30. Succession of low increasingly low view on the weekly chart of LTCUSD
Litecoin in the short term
The new rejection of important resistance zone around us $ 65 created a clear scenario bearish, supported by the strong negative trend seen from the temporality weekly. In the temporality daily we can see a third rejection of the specified zone, and that also could be seen as a formation of double top. In recent days, the price of Litecoin tried to perform a transition upward, trying to break a neckline of a double floor established then the minimum reached on the 23rd of October; what reseño as a double floor due to the impossibility of creating a lower minimum, which also caused a strong divergence in the price relative to the candlestick chart. As of today, the neck-line of close to USD 60 is functioning as a good support area, but that seems to not have enough force to drive the price above $ 65 in the short term. So the most likely scenario is bearish, and will be confirmed after an effective break of the small support area. Projection bearish Litecoin short-term Divergence between the RSI and the candlestick chart daily LTCUSD despite the very likely scenario is bearish, there is always the possibility of one bull, but that also requires receipts, then you explain to that you understand a little more what you might expect. The moving averages in the temporality of day-to-day are crossed in favor of a bullish move; however, they may be just the product of the pullback of the bearish trend further. The previous setback was a good intersection of moving averages, however, the next strongest impetus was the bass player; as is often the case. On the other hand, the moving average of 200 periods is bearish and away from the price; by which we could see a bullish move in search of this important simple moving average. The only way to override scenario bearish in the short term is seeing an effective break of the resistance area located at USD 65 in the next few days. Moving averages on the chart Litecoin vs Dollar american temporality daily Projection bullish short-term Litecoin
How can Litecoin to recover in the medium term?
For the moment, the projections that are most likely to be successful are bearish. So to see a proper break of the support zone located at $ 50, the sales will increase quickly looking for the next closest level located at USD 40. However, a new respect for the surrounding area of USD 50 you can resume the positive expectations for the medium term, as the impossibility of creating a new lower low, it could be a excellent start of transition upward, which would take the price of Litecoin to reach the important level of USD 80; for probably, before the end of the year. Technical analysis of the price of Litecoin Projection bullish in the medium term I Hope you have enjoyed this information; any feedback leave it in the comments, I will be attentive to respond to them. You should remember that all of our publications are of an informative nature and in no case should they be taken as advice for investment. The following two tabs change content below. Creative editor and trader of cryptocurrencies, currencies, fiat, and commodities.