Litecoin Price Analysis 10/12/2015- Approaching a Break?

Aayush Jindal

1 year ago

2 mins read

litecoin price break. newsbtc litecoin news

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Key Highlights

Litecoin prices struggled to gain bids intraday and moved a few points lower towards $3.60-$3.55.
An important bullish trend line on the hourly chart (data feed from Bitfinex) prevented the downside and is currently acting as a support.
On the upside, there is a major resistance formed near $3.78, which may act as a breakout zone in the short term.

Litecoin’s price is likely heading towards a break with a support on the downside at $3.55 and resistance on the upside at $3.78-$3.80.

Can Buyers Prevent a Break Lower?

Litecoin’s price moved lower intraday, as buyers failed to take it higher. However, a bullish trend line formed on the hourly chart (data feed from Bitfinex) acted as a barrier for sellers and stopped losses. The price traded as low as $3.57, and is currently making an attempt to climb back. Furthermore, the 100-hour moving average helped the price to hold the ground.

Now, there is another trend line formed on the upside, which is positioned with the 50% Fibonacci retracement level of the drop from the $3.80 high to $3.57 low point. So, if the price moves higher once again, there is a chance of it facing offers near $3.70-72. Only with a break above the trend line and resistance area could the price back towards $3.80.

No doubt, there is a breakout looming for the Litecoin price. If we look at the 30-min chart with data feed from HitBTC, there is a contracting triangle forming. A solid breakout resistance is forming near $3.78; if buyers manage to clear it, the price may head towards $3.90.

Looking at the Indicators

30-min MACD – The MACD changed the slope to bullish, which is a positive sign.

30-min RSI – The RSI is above the 50 level, pointing towards more gains and buyer strength.

Intraday Support Level – $3.65

Intraday Resistance Level – $3.78

Charts from Bitfinex and HitBTC; hosted by Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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