2019-1-30 17:24 |
Long-Term Outlook Litecoin Weekly Logarithmic Chart – Source: Tradingview.com
A look at the Weekly chart for Litecoin in logarithmic form shows that the price is very close to the support area of $25-$30 formed by the highs of 2014, currently trading at $32.
If the support area fails to hold the price, the next one will be found at $5-$6.
Price is trading below the 7,21,50,200 moving averages and the Ichimoku cloud.
Furthermore, multiple bearish crosses have occurred.
However, there is bullish divergence developing in the MACD, which is going up with strength.
The RSI was below 30 for a short period, before bouncing to 38.
Medium-Term Outlook Litecoin 3-Day Chart – Source: Tradingview.comA look at the 3-day chart for Litecoin shows that price is trading just above the 7-period moving average, which is acting as support.
Price is below the 21,50 200 MAs and the Ichimoku cloud.
The most significant resistance area is found at $48-$52.
Furthermore, there is significant bullish divergence developing in the MACD.
Litecoin Daily Chart – Source: Tradingview.comA look at the Daily chart gives more information about where price might be headed.
Price failed to break the resistance by the Ichimoku cloud at $40 on January 10th and retraced all the way down to $30.
The 7 and 21 period MAs are very close to making a bearish cross.
Furthermore, the projected cloud is positive from February onward.
Short-Term Outlook and Price Prediction Litecoin 6-Hour Chart – Source: Tradingview.comFinally, a look at the 6-hour chart shows that after the retrace to $30, the price has twice tried unsuccessfully to break the $34 level of resistance.
The $34 level corresponds with the 0.382 fib level.
Furthermore, there is bullish divergence developing between the price and the RSI.
Price Prediction:I believe that on the third try price will break the $34 level of resistance, and ultimately head for the next area of resistance at $39-$41.
Conclusions: Price is close to the major support area of $25-$30. There is a medium-term bullish divergence. Price is trading below most moving averages. Latest Litecoin News:Litecoin Price Action: Doji Forming for LTC After Price Meets Support
Swiss Private Bank Introduces Direct Transfers of Bitcoin, Litecoin, Ether & Bitcoin Cash DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Litecoin [LTC] Price Prediction: Will the Third Attempt at Breaking Resistance Be Successful? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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