– Technical review outlook of LTC/USD, LTC/BTC and LTC/CNY.
– Generally, LTC is technically bullish with loaded liquidity in the cryptocurrency market and positive Litecoin fundamental.
– Profit-taking activities and Bitcoin’s segwit and segwit2x could be interrupting factors.
On this post, I am looking on the prices of Litecoin against Dollar (LTC/USD), Bitcoin (LTC/BTC) and Chinese Yuan (BTC/CNY).
My previous LTC posts seems hit the right spot and timely as Litecoin continued the rise for the past few sessions. Litecoin notched up higher to new record with glaring steep volume indicating excessive liquidity are flowing into LTC. The LTC volume (especially in the CNY market) tops the most active asset traded since yesterday. Moreover, Litecoin saw its marketcap reach $2.6Bn, an increase of +30% in a week.
Litecoin on US Dollar (LTC/USD) Technical Review
Important LTC/USD price levels to watch,
Year High – 57.75 July 05 2017
Year Low – 3.62 February 09 2017
data source : Coinbase
Today the LTC/USD daily chart will plotted with additional indicators : pitchfork, regrssional tool as well as some price action formations. All the indicators are used mainly to determine the current trend and at the same time try to unfolding any possible reversal rundown. So far, everything seems pointing to positive direction. Based on candlestick patterns , it gives better idea on real market in action. The price action(as it is famously called) presents further hints the next market trajectory. While there is no clear sign of major reversal, but any forming of inverted hammer today could pause the market or even push back the price down. But a strong support zone of 39-40 should be sufficient to sustain the current bullish tenor for the time being.
Litecoin on Bitcoin (LTC/BTC) Technical Review
LTC/BTC price were traded at latest price of 0.02041963 BTC on poloniex, gained another +5.78% with 34,634 BTC 24-hour volume. The volume was almost double of the second most traded token, Etherereum. The price is on the verge to test the record high at 0.02219516 set on 5 May. The long term Elliot Wave is still in the frame, with the firm support around 0.0190 level. The price is still relatively confident in the bullish mood as long as it stays above the sub-0.015-0.016.
Meanwhile, MACD and RSI pointing to possible buying territory showing signs that sellers are in position to cash out at these price.
Important LTC/BTC price levels to watch,
Year High – 0.02219516 May 10 2017
Year Low – 0.00302185 March 02 2017
data source : Poloniex
In the 15-minutes timeframe, the price is holding on the long upward band. The price was well-supported on the floor in the regressional channel. It would be interesting if the ladder could extend until the end of the session today. making further gains against the weakness of Bitcoin.
Litecoin on Chinese Renmimbi (LTC/CNY) Technical Overview
Important LTC/USD price levels to watch,
Year High – 384.99 June 19 2017
Year Low – 24.85 January 07 2017
data source : OKcoin
Litecoin against CNY is looking okay after poses 46% upswing this month on OKcoin data. The regressional tool reading suggesting selling still evidence on the 380 level. The price could flat out and slid to the region of between 290 and 300 CNY in the event of any drastic price crash. Check out the chart embedded to check the possible support prices along the bottom line of the regressional curve. The price is looking forward to retest 380 but any consolidation could happen after the price to reread to level near 340 which is providing milder support.
Litecoin Boom or Bust?
This week has been fantastic week for cryptovurrency as most coins recorded positive growth returns. To reaffirm my positive view on Litecoin from yesterday. I think the LTC price will expanding further due to,
– Plenty of liquidity in the cryptocurrency. With most prices hitting record highs. There are plenty leverage for the investors to accumulate more coins.
– Chinese market is buoyant on Litecoin, this is clear based on the increases figures of CNY trade in LTC.
– Litecoin is seen as viable hedge to BItcoin.
Another reminder, my analysis is largely based on limited access to few technical indicators as well as historical data. And all the materials should be used as reference only. Definitely no recommendation or trade calls. All the views forwarded are entirely my own. Please seek professional advice and do your own research before entering any trade.
I am planning to give Litecoin ‘analysis’ a break for the week. I would focus on other altcoins for rest of the week. If you have any further question, feels free to contact me or comment below. Thanks.