Sharing is caring!

Litecoin (LTC) snapped 5 stright days of losses to gained +4% on the cue of Ethereum who rebounded of excess of +11% yesterday.

Daily LTC/BTC chart. Data chart:Poloneix/Tradingview

Important LTC/BTC price levels to watch,

Year High – 0.02219516 May 10 2017
Year Low – 0.00302185 March 02 2017

data source : Poloniex

Daily LTC/BTC chart. Data chart:Poloneix/Tradingview

The general sentiment in cryptocurrency trading cooled as selling subdued after another ‘Monday massacre’. LTC price against BTC swing slightly up after five straight days of losses. The ‘dead cat bounce’ was expected as price touched the 0.618 Fibonacci retracement zone on daily chart. The price is still on top and way far from 200-days moving average and keeping the long term uptrend intact.

But on the MACD indicator, signal line is slowly falling under MACD foreseeing possible further weakness of LTC in coming days.

The short opportunities could be nested in between 0.017726 and 0.02034 with sizable chunk of LTC are ready to offload by previous long positions at these levels. But, the long term channel is still intact with LTC/BTC, it look set to form the Elliot Wave 3 after the 0.02034 barrier. Any failure within these zone, LTC could be on the sideways trading for the predicatable term.

As long as the price keep moving within the upward ascending channel and defy the 200 days moving average to the north, LTC is technically positive in the medium to long term outlook.

Critical LTC Price Levels for the Immediate Term

Important Resistance Levels

R1 – 0.017726
R2 – 0.0203400 (0.786 Fibonacci retracement level)
R3 – 0.02219516 (Year High) – major rejection on May 10 2017

Important Support Levels

S1 – 0.01535 (0.618 Fibonacci retracement level)
S2 – 0.01290 (0.5 Fibonacci retracement level)
S3 – 0.01016 (0.382 Fibonacci retracement level)

On the note, Charie Lee the Litecoin creator officialy quashed he is Satoshi Nakamoto rumour through his twiiter.

ViaBTC Exchange, the cryptocurrency exchange portal launched last month by China-based ViaBTC Limited, announced today they’ve launched a Litecoin versus Chinese Yuan (CNY) market. Trading of LTC will be available at 20:00, June 28th 2017 (UTC time).

Final note, the general mood is still depends on the scaling issue of Bitcoin in the coming mons and the Ethereum development which somehow predominated by the ICO frenzy around ether. These are the big factor on the price movement of Litecoin and altcoins at the moment.

Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

Sharing is caring!