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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Price Analysis for 5/6/2015–Pattern Fails,That Expected

NewsBTC
NewsBTC
4 years ago
2 mins read

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Litecoin’s bullish technical pattern, the Reverse Head & Shoulders has failed, in line with my expectations. The price has dropped 1.70% to $1.671, just inches away from the strong support level of $1.669. I am expecting this base to be violated in the coming sessions and see sub-$1.600 levels for the cryptocurrency.

Image: https://www.tradingview.com/x/W7O8SKqw/

My bearish outlook is well supported by the technical considerations derived post an analysis of the 240-minute LTC/USD price chart.

Litecoin Chart Structure – Earlier, Litecoin faced stiff resistance from near $1.690 level but eventually crossed this barrier on low fuel. As a result, the price failed to take off and has instead declined, this time breaching the Reverse H&S pattern neckline on the downside.

Fibonacci Retracements – The cryptocurrency is spending ample time near the 61.8% Fibonacci retracement level of $1.669. A break of this level could result in a steep decline below the $1.600 mark, and bring the price closer to the 76.4% retracement level of $1.594.

Moving Average Convergence Divergence – The Histogram has narrowed the gains as Signal Line fast approaches the MACD indicator. The MACD indicator currently reads -0.0097 while the Signal Line reads -0.0110, thereby giving the Histogram a marginally positive value of 0.0013.

Momentum – That momentum is going downhill is further corroborated by the negative Momentum indicator value of -0.0247.

Relative Strength Index – The underlying strength has registered a dip in concurrence with the price drop. The 14-4h RSI value has come in at 43.8156.

Conclusion

Litecoin may experience a price buoy at the current level, but I expect it to be short-lived. Market participants should focus their attention (and funds) to creating short positions on any rise. Stop-loss should be placed just north of $1.6900 while the near-term downside target remains $1.590. Brace yourself for a big move in the next 36-48 hours.

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Comments 2

  1. Frank Garcia says:
    10 years ago

    Best advice ever given. Oh wait it was 100% wrong.

    Reply
  2. Max Hodges says:
    10 years ago

    my bitcoin outlook for June: It might go up; or it could do down.

    Reply

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Comments 2

  1. Frank Garcia says:
    10 years ago

    Best advice ever given. Oh wait it was 100% wrong.

    Reply
  2. Max Hodges says:
    10 years ago

    my bitcoin outlook for June: It might go up; or it could do down.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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