Technical analysis: Litecoin is not going to grow, we continue to short

Date:

2018-12-06 00:30:07

Views:

12

Rating:

1Like 0Dislike

Share:

Technical analysis: Litecoin is not going to grow, we continue to short

The rollback Period for most altcoins after the fall of the stock market seems to have ended. Almost all coins now gradually returning to the downtrend, which inevitably drops the crypt to the new support lines. While Bitcoin was not able to consolidate above $ 4,000, so the most popular violas will continue to decline.

Litecoin is also no exception. At the moment the coin is trading around 30.5 per dollar. For last days it fell nearly 4 percent, while the LTC market capitalization fell below $ 400 million. Recall that at the peak bullrun this rate Litecoin has reached $ 2.2 billion.

the

Technical analysis

Scale 1-hour chart, the bulls are relinquishing their positions — the price of Litecoin is reduced after a 10-day period during which buyers could keep the asset is above $ 30. At the moment the nearest support level for cryptocurrency is the line $ 27.

image Source — AMBCrypto

At the same time near the horizontal resistance reported in the area of $ 35. So LTC could reach this milestone, you will first need to overcome the downtrend line, which currently is very close to the market price of the asset.

The Technical indicator RSI while hovering around the average level, he previously rebounded from oversold zone. This means that the market has reached equilibrium in terms of supply and demand, so while traders do not seek to take active actions.

1-daily chart the situation is more clear — is still in a downtrend. Cryptocurrency safest place to short, as it signals a change in market sentiment yet. When you rise above 35 dollars it makes sense to open long with target at levels 40, 50 and 80 dollars.

image Source — AMBCrypto

Technical indicators on a scale of 1-daily chart gives mixed signals, so to use them only when decision-making is impractical.

Recommended

Acne help: when will we see Ethereum as expensive $ 100?

Acne help: when will we see Ethereum as expensive $ 100?

this week almost Ethereum «finished» its investors, the cryptocurrency fell below the psychologically important support near $ 100. Double-digit the cost of ETH we have not seen for a long time, but in the near future, the course of bitcoin...

EOS on the verge of

EOS on the verge of "live" accounts, only one third, and hackers stole 1.2 million tokens

the Eighth-largest by market capitalization coin EOS only last week fell by at least 50 percent. This is partly due to global bearish sentiment in the stock market. The situation correlates with the increasing number of Ghost accounts and hacker atta...

No growth: bears hold Bitcoin at 3600 dollars. What's next?

No growth: bears hold Bitcoin at 3600 dollars. What's next?

Bitcoin is still in the global downward trend. Recently, the cryptocurrency has managed to form a new local line of resistance, which now will not allow the asset is above $ 4,000. Soon Bitcoin will hardly be able to overcome the area of 3700 dollars...

Comments (0)

This article has no comment, be the first!

Add comment

Related News

Tron is preparing for bullrun. When to expect growth?

Tron is preparing for bullrun. When to expect growth?

In recent years, Tron attracts even more attention, cryptocommunist. Recently, the coin surpassed Monero by market capitalization and stuck in 10th place in the ranking of cryptocurrencies. While the daily volume of transactions T...

Still two stripes: how did the Bitcoin logo?

Still two stripes: how did the Bitcoin logo?

Today we will look at some of the circumstances that led to the emergence of distinctive character and now all so familiar logo of Bitcoin. If you believe the information on the Internet, the original Bitcoin logo represented one ...

KuCoin salistie Ripple XRP on an exclusive basis. Waiting for growth?

KuCoin salistie Ripple XRP on an exclusive basis. Waiting for growth?

early In the week, one of the most popular kryptomere KuCoin announced the listing on their trading platform. In an official statement, the exchange is proud to announce the cooperation with another large project. At the moment th...

Сopyright © 2018 | scienews.com | 7984 news