Sharing is caring!

Litecoin price failed to continue to ride on the bullish engulfing candlestick from last week. Price was mostly trending down for the past few days as the general pattern in the weaker cryptocurrency market. The market is still in correction periods with the Bitcoin soft fork deadline approaching.

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

The price movement saw little changes from the previous post. The price is poised to test the previous double top formation now turned resistance line along 0.0219400 last traded on 10 May.

But any advance is less encouraging due to the current soft market pattern. Furthermore, the LTC daily trading volume across exchanges is declining. Traders keep the passive mood anticipating more signals from the market.

LTC was the most resilient asset in the current downtrend from past week and fared much better than most. This indicates the confident of the market on Litecoin. LTC largely escaped from huge sell-offs but the price is still -10% from the record high from last week. Nonetheless, if the price should in the long term bull channel as long as it hold on above 0.01760000 level.

The price is keeping tighter range to the 30-day moving average. Moreover, RSI and MACD are hinting the trend changing and dominated by seller.

The Litecoin received a boost as bitFlyer, the largest Bitcoin exchange in Japan, has commence trading Litecoin. This will be boon for the Litecoin transaction in Japanese Yen trade in the coming months.

Critical LTC Price Levels for the Immediate Term

Important Resistance Levels

R1 – 0.020000
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)

Trading Idea

Long term uptrend still intact. But the price could trade down around 0.0180000 – 0.01760000. If it could avoid further hard crash in the coming weeks. LTC could welcome substancial buying interest. But any Botcoin updates will be dragging the entire market as of now.

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!