LTC/USD Specialized Outlook: Litecoin Prices Plummet towards Low

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Litecoin is down nearly 60% year-to-date with prices coming from the annual lows after breaking February trendline support earlier that past week. The decline is coming from initial areas of service which will provide a reprieve. Here are.

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Litecoin Everyday Price Chart (LTC/USD – Log)

Litecoin Daily Price Chart - LTC/USD

Notes: Litecoin prices do have more than 20% because the beginning of June with the decline today eyeing confluence service here approximately ~89.23. This place is characterized as near-term station service (red), the lower parallel of the wider pitchfork (gloomy ) along with the September high-day shut. Be aware that a longer-term trendline stretching off the June lows will come at slightly lesser and IF costs will see any relief, that would be the first spot to shop.

First immunity stands with all the 50-line around 101/02 with broader bearish invalidation at the monthly available at 118. Some slack lower from here goals the 11/29 fold non / 88.6percent retracement at 76/78 — look for a more robust reaction there.

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Main point here: The momentum account and broader price activity suggests further losses in store to get Litecoin. Nevertheless , this may be the first are of disturbance which limit declines near-term. From a trading perspective, a fantastic region to cut back small exposure having a dip off this mark likely to offer more positive short-entries whereas beneath the median-line. Some slack beneath seventy six may likely see accelerate declines for its cryptocurrency with such a circumstance risking a fall towards 54.26.

Litecoin IG consumer Positioning (LTC/USD)

Litecoin Trader Sentiment - LTC/USD

  • A overview of IG consumer Sentiment reveals traders are net-long LTC/USD- the ratio stands at +13.79 (93.2percent of dealers are extended ) — even bearish looking at
  • Traders have stayed net-long Litecoin considering that Dec 25th; selling price tag has transferred 63.7% decrease since
  • Lengthy positions are 7.4% lesser compared to yesterday and 5.2% decrease out of last week
  • Short positions are 1.9percent more than yesterday and again 43.2% larger per week
  • We typically require a contrarian view to crowd sentiment, and the truth that traders are net-long suggests Litecoin prices may continue to fall. Yet dealers are somewhat less net-long compared to yesterafternoon and compared with last week and the dhge ecent fluctuations in sentiment warn that the present-day Litecoin selling value trend may reverse larger despite the truth that dealers stay net-long.

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— Directed by Michael Boutros, Specialized Currency Strategist together with DailyFX

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