• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Litecoin Price Tech Analysis For 01/21/16– Support Turned Resistance

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 3min read
litecoin price. Support Turned Resistance. newsbtc
Advertisement

Key Highlights

  • Litecoin price finally recovered intraday, as sellers failed to break and close below a major support area of $3.00.
  • A contracting triangle pattern on the 2-hours chart (data feed from HitBTC) was broken in order to ignite an upside rally in Litecoin price.
  • The price is currently trading near a crucial area of $3.50, which acted as a support earlier and now stalling gains.

Litecoin price finally showed a few signs of life, as there was a nice upside rally proving that how vital the $3.00 support area is for buyers.

$3.50-60 as Resistance

Earlier this week, we were looking for a buy opportunity, which looks like turned fruitful yesterday. A solid break higher is always a great sign that buyers are stepping in and it’s time for a rally. A similar scenario happened yesterday, as there was a contracting triangle pattern formed on the 2-hours chart with the data feed from HitBTC, which was broken by buyers to open the doors for more gains in the near term. The upside ride was very strong, and looking at the chart, it looks like there might be more upsides left in the short term.

Litecoin Price Technical Analysis

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The best part is the fact that the price settled above the 100 simple moving average (2-hours chart with the data feed from HitBTC), and also cleared the 61.8% Fib retracement level of the last drop from the $3.65 high to $2.99 low.  The price is currently trading near a monster resistance area at $3.50-55. The stated level acted as a support on many occasions earlier (as shown in the chart), and now acting as a barrier for buyers. The 76.4% Fib retracement level of the last drop from the $3.65 high to $2.99 low is also positioned around the same area. We need to see whether buyers can manage to clear it or not. In such cases there is always a chance of a minor correction before buyers make another attempt to clear a major resistance area.

When we move down to the lower timeframe and analyze the hourly chart with the data feed from Bitfinex, then we can notice that the price broke a bearish trend line for a rally. The break was very critical, as the price settled above the 100 simple moving average (hourly chart with the data feed from Bitfinex). The price stalled near $3.45 area, and it looks like it is forming a corrective structure. If it is true, the price may move down and correct.

Litecoin Price Technical Analysis

On the downside, an initial support can be around the 23.6% Fib retracement level of the last wave up from the $2.97 low to $3.44 high. However, the price may even correct more to test the 50% Fib retracement level of the last wave up from the $2.97 low to $3.44 high where one might consider buying in the short term.

Looking at the indicators:

Hourly MACD – The MACD is about to change the slope to the bearish zone, calling for a minor correction.

Hourly RSI – The RSI is around the overbought conditions, which is another sign or a correction.

Intraday Support Level (Bitfinex) – $3.30

Intraday Resistance Level (Bitfinex) – $3.50

 

Charts from Bitfinex and HitBTC; hosted by Trading View

Tags: LitecoinLitecoin Price actionlitecoin price chartLitecoin Price Intraday Analysislitecoin price technical analysistrading
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

TA: Ethereum Resumes Decline, Here’s How The Bears Could Take Control

14 hours ago
Bitcoin

TA: Here’s Why Bitcoin Price Is Primed To Revisit $52K Support

16 hours ago
Ethereum

TA: Ethereum Corrects Losses, Here’s Why $2,300 Is A Major Hurdle

2 days ago
Bitcoin

Bitcoin Price Nosedives $5K, Why BTC Could Extend Losses

2 days ago
bitcoin

Two Patterns, One Coin: Is Bitcoin Currently Bearish Or Bullish?

4 days ago
Ethereum

TA: Ethereum Corrects Rally, But 100 SMA Could Spark Fresh Increase

5 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Fly to the Moon and Win One of Three Tesla Cars with New Bitcasino Game, Live Crash

April 19, 2021

Cryptocurrency Exchange Gate.io Celebrates 8th Anniversary

April 20, 2021

eToro Adds Chainlink and Uniswap Amid Investor Surge For Crypto

April 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.