Litecoin price quieted down after rollback to support

Litecoin price quieted down after rollback to support

MASSIVE BITCOIN WARNING SIGNS!? trading litecoin ethereum

Contents

Litecoin price quieted down after rollback to support
CONTENT

  • Litecoin is trading in the $ 48 support area. Further support and resistance are marked at $ 40 and $ 63, respectively.

  • Technical indicators are neutral.

  • The direction of the further LTC trend remains unclear.

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Litecoin is consolidating after a drawdown on September 3. The direction of the trend will remain unclear until the currency breaks out of the current consolidation pattern..

The Litecoin (LTC) cryptocurrency rate was traded on August 17 at $ 68.94, but since then it has been declining, eventually reaching a minimum of $ 44.48 on September 3. From here, the price is now trying to rise, but so far it has not managed to significantly advance north of this support level.

Litecoin price quieted down after rollback to support

Key support levels

In case of renewed decline, the nearest support area will meet the pair at $ 40. Meanwhile, resistance is in the $ 63 area.

LTC chart. Source: TradingView

The technical indicators on the daily chart are neutral, although showing a slightly bullish bias. MACD is growing, but has not entered the green zone yet. In addition, the RSI does not signal bullish divergence, just as the Stochastic Oscillator has not yet formed a bullish crossover..

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LTC chart. Source: TradingView

Short term consolidation

On the 2-hour chart, the pair is consolidating in a sideways range with price deviations beyond both of its boundaries. Technical indicators are neutral.

The RSI is hovering around 50, and the Stochastic Oscillator has formed several bullish and bearish closes.

It looks like the current consolidation may end with a sharp price move in any direction.

LTC chart. Source: TradingView

Litecoin price quieted down after rollback to support

Wave analysis

Cryptocurrency trader @ Crypto618 thinks the Litecoin chart does not look bullish, but it could mean another decline awaits the pair, after which it will finally resume gains.

Source: Twitter

It is possible that from the high of August 17, the price began a correction within the A-B-C structure (blue on the chart).

If this analysis is correct, then the current movement may represent sub-wave 4 (black), after which the price will decline again.

However, the price move inside the triangle lasted longer than usual, and this casts doubt on the likelihood of the underwave 4 scenario.

A bullish or bearish breakout of the triangle will help us to accurately determine the further scenario of the wave analysis, since there are too many possible options at the moment..

LTC chart. Source: TradingView

LTC / BTC

The LTC / BTC chart also shows similar price hesitation.

Since May, the price has been consolidating around ₿0.0045. Technical indicators are completely neutral.

In this regard, without any new price movements, we cannot confidently assume where the pair will move next..

LTC chart. Source: TradingView

Litecoin price quieted down after rollback to support

Thus, at the moment, predicting the future direction of the Litecoin rate is not an easy task. Only a bullish or bearish breakout of the current pattern will give us the opportunity to make a bullish or bearish forecast for the pair..

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