Litecoin Price Technical Analysis for 8/3/2015 – Warming Up!

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5 years ago

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Litecoin price ranged between $1.89 and $1.95 throughout yesterday’s trading sessions. Litecoin charts seem to be mirroring what’s happening on bitcoin’s charts. Accordingly, it seems that litecoin price will likely rise especially that our bitcoin analysis anticipates a bullish wave during the next 24 hours.

By examining the 4 hour Bitfinex (LTC/USD) chart from tradingview.com and plotting the William’s Alligator indicator accordingly (look at the below chart), we can conclude the following:

Since the new uptrend started pushing litecoin price upwards on the 27^th of February, we have been noticing a recurrent pattern characterized by a short lived bullish rally followed by a longer downward price correction wave. We can now spot a rising support level (look at the upwards sloping green trend line on the below chart) which reflects the current bullish wave.
As shown on the below chart, we can spot a recurrent triangle-like pattern as shown by the greenish and reddish arrows. Accordingly, if the pattern continues, we expect litecoin price to rise to $1.98-$2.00 within the next couple of days then drop downwards as the price correction wave pulls down the price to touch the new rising support level.
The SMAs of the William’s Alligator indicator don’t exhibit a bullish alignment, but this is expected to change before a bullish wave is evident.

By studying the 1 day bitfinex (LTC/USD) chart from tradingview.com, plotting the MACD and Vortex indicators (look at the below chart), we can notice the following:

The MACD indicator has just entered the positive territory; however, we expect to see the blue MACD line cross above the red signal line during the next few hours before a bullish rally is noticeable.
The Vortex indicator is in favor of a bullish rally today as the blue uptrend line has crossed above the red downtrend line and the gap between both line is relatively wide.

Conclusion:

Litecoin price increased yesterday to print a high of $1.95.Our technical analysis is in favor of a further advance to $1.98 within the next 24 hours.