Litecoin (LTC/USD) Market Exhausts Energy, Tending Corrections
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Litecoin Price Prediction – December 4
An overbought condition has come to materialize in the market activities that are biding Litecoin together with the valuation of the US coin as the crypto-economic trade exhausts energy, tending to corrections around the logical point of $75.
Even though the positive pushes are resisting notable decreasing notes, buyers have only recently slowed down their northward drive as of this psychoanalytic period. However, the oscillators’ likely final motion capacity to the lower zones would then need to be used to determine when the LTC/USD market returned to essential changes to the downside.
LTC/USD Market
Key Levels:
Resistance levels: $80, $85, $90
Support levels:$65, $60, $55
LTC/USD – Daily Chart
The LTC/USD daily chart shows the crypto-economic market exhausts energy, tending to corrections around the upper Bollinger Band.
The Bollinger Band indicators have managed to place more of the northern direction between the points of $75 and $65. A formation of a full bullish candlestick body against the point of $75 will possibly cause the upper trend line of the Bollinger Band to stretch furthermore to the upside without having room for a longing pattern in the presumed scenario. The stochastic oscillators have diverged into the overbought region, denoting that sellers may soon regain strength for a while if the market eventually loses between $75 and $80.
Considering that the LTC/USD market has been trading near the upper Bollinger band, should buyers continue placing new orders?
Capitalists may continue to bring in more funds into the worth of Litecoin at $75 against the valuation of the US currency, given that the crypto-economic price exhausts the energy index, tending corrections even around the same value.
As this psychological write-up’s main line, long-position takers are cautioned against entering the market because there isn’t enough velocity to support more rising movements to the north. On the other hand, long-term traders who hold the lowest lot of openers may aim to buy back in case the price moves to other lower trading locations in order to gather momentum for rallies.
The general consensus right now is that the bullish trading cycle is drawing closer. As a result, one should exercise caution while shorting position orders, particularly in the absence of any concrete action to support them. By obtaining complimentary repositionable points between the 4-hour and 1-hour charts at this time, sellers may be able to showcase an overbought condition prior to initiating a sale.
LTC/BTC Price Analysis
In contrast, Litecoin is in a mode of tending corrections against the valuation of Bitcoin at the lower Bollinger Band trend line.
It appears like the stochastic oscillators are giving in to a downward trend. A smaller bearish candlestick is developing; it is pushing against the lower line of the Bollinger Band, indicating that the primary cryptocurrency market instrument is attempting to flex its muscles against the secondary cryptocurrency instrument once more.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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