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Litecoin Price Technical Analysis for 11/3/15

Yashu Gola by Yashu Gola
9 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

The Litecoin price has dropped around 0.5% against the USD in over the last 24 hours. After the surprising bullish rally in Bitcoin charts, the Litecoin as usually tailed the upsurge and eventually established new higher highs, one crossing above the presumed resistance level near 2.00. However, the market soon faced a little downside pressure as traders exited their positions for short-term profits. Nevertheless, the overall bullish bias continued to exist.

Litecoin Price

As you can clearly see in the 4H BTC-e chart above, the Litecoin price is clearly way too above the 50-H MA, while the RSI is at 65 — clearly a strong buying area. At the same time, the MACD blue curve, while staying in a positive territory, is looking towards converging below the saffron signal line. A majority of these indicators confirm the bullish bias in the Litecoin market.

We have also drawn a Fib retracement diagram between the previous higher high near 2.05 and the lower low around 1.88. The Litecoin price, currently near 1.99, is clearly targeting the 76.4% retracement level aligned with 2.01, with an upside risk towards 2.05. These two levels meanwhile has proven themselves to be an ideal stops to cover near-term gains and has just returned the upward rally back to bearish corrections.

However, a strong support level near 50% retracement level 1.96 is also turning out to be a good entry point for traders, while the a similar correction-slowing factor could be seen around the downside risk near 1.92 — also the previous lower low. From the look of it, the Litecoin price is in mood to set its foot near 1.96 to attempt a jump towards previous higher highs.

Conclusion

Setting your stop losses above 1.92 would ensure a timely exit in case the prevailing bullish bias invalidates.

Tags: bitcoinbitcoin priceLitecoinlitecoin price
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Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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