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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Litecoin Price Technical Analysis – Target Achieved, Take Profits

Aayush Jindal
Aayush Jindal
1 year ago
3 mins read

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Litecoin price formed a major triangle pattern on the hourly chart (data feed via Bitfinex), and we were waiting for a break to buy Litecoins.
  • A break happened Intraday, and the price traded higher towards the $3.30 resistance area.
  • The price stalled right near a major bearish trend line, as highlighted yesterday on the 2-hours chart (data feed from HitBTC).

Litecoin price traded higher to help buyers gain some traction. Our buy target was hit and moving ahead we can plan on buying dips.

Buy dips?

Yesterday, I mentioned that buying with a break can be a good idea. There were many sells earlier, which we succeeded. However, the sellers were exhausted, and it was the right time to place a buy order. There was a triangle pattern on the hourly chart (data feed via Bitfinex), and we were waiting for a close above it to enter a buy trade. The price did close above it and even traded above the 6.4% Fib retracement level of the last leg from the $3.20 high to $3.07 low. A new weekly high was created near $3.30 (data feed via Bitfinex) before the price started correcting lower once again.

Litecoin Price Technical Analysis

The most important point to note that the price closed above the 100 hourly simple moving average (data feed via Bitfinex), suggesting that the recent break was crucial. The price is currently correcting lower, and it looks like it may extend correction. However, we can wait for the right time to analyze and enter a buy trade one dips moving ahead. An initial support can be seen around the 50% Fib retracement level of the last leg from the $3.08 low to $3.31 high. If the price extends the downside. The most important support can be around the 100 hourly simple moving average, which is sitting near the 61.8% Fib retracement level of the last leg from the $3.08 low to $3.31 high. Buyers may take a stand near the 100 MA and the stated fib confluence area, and we may attempt a small buy around the highlighted support area.

If we look at the higher time frame chart like the 2-hours chart with the data feed from HitBTC, then the price recently found resistance near a major bearish trend line, which we have been following for a couple of days now. The highlighted trend line and resistance area suggest that the price may move down in the near term as a part of a correction.

Litecoin Price Technical Analysis

On the downside, the 38.2% Fib retracement level of the last leg from the $3.10 low to $3.39 high can act as a support area. The stated fib level is positioned near a previous broken trend line. So, overall there is a nice support forming near $3.25 where buyers may appear if the price moves down from the current levels.

Looking at the indicators:

Hourly MACD – The MACD is in the bearish sign, calling for a downside move in the short term.

Hourly RSI – The RSI is above the 50 level, which is a positive sign for bulls.

Intraday Support Level (Bitfinex) – $3.20

Intraday Resistance Level (Bitfinex) – $3.32

 

Charts from Bitfinex and HitBTC; hosted by Trading View

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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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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Reason to trust

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Created by industry experts and meticulously reviewed
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