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Next Stop $70 and $50: Litecoin (LTC) Technical Analysis (June 14, 2018)
It’s apparent that cryptocurrency, prices are immune to any form of “minor” news event. We have seen many of these not only from Charlie Lee but straight from Litecoin Foundations. VRPorn, LitePay, several merchant listing and even news from CoinBase Fund Management index are not appeasing these angry bears. As a matter of fact, If anything, there is no chart that shows the pace of price erosion that Litecoin’s weekly chart. Here it’s clear to pick out previous support lines, now resistance at $110. The resulting break out is what advises our bearish stand. Before this week, our expectation was that buyers would follow through week ending June 3 minor bullish candlestick despite printing in a deep bearish trend.It was an optimistic approach because not only was there strong rejection from $110 at the daily chart but because the last three support points in the last four quarters stretching back to Q4 2017 was at this level. That level was clearly a point of interest for our analysis. Now, following this week’s break down, odds are Litecoin might end up testing $70 and later $40 should sellers keep up with this pace of depreciation.Daily ChartLitecoin Daily Chart by Trading ViewFor perspective and to gauge the strength of bears following that break below $110 on June 10, realize that LTC is down 13 percent in the last 24 hours. Besides, there are strong confirmation of the bearish trend that was initiated by June 10 candlestick. Like before, I recommend shorting this coin with first targets at $70 and later $40.
Author: Dalmas Ngetich
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