Litecoin (LTC) Price Prediction – December 14
The price movement has been insignificant as Litecoin trades in a tight range. The LTC/BTC pair is in a sideways trend as the market consolidates above Ƀ0.0060000.
Resistance Levels: $80, $100, $120
Support Levels: $50, $40, $20
LTC/USD pair is trading in a tight range of $42 and $50. The coin is characterized by small body candlesticks like the Doji and Spinning Tops which describe the indecision between buyers and sellers. The price movement on a daily bases is insignificant. For instance, the price movement in the previous week has been on a downward move, from $45 to $43. The market has been oversold, what we are expecting the bulls and bears is to push the price upward or downward.
That is the support and resistance lines are to be broken to know the direction of the market. Meanwhile, Litecoin is trading in the oversold region below 20% range of the daily stochastic. This implies that the coin is in a strong bearish momentum. In the LTC/BTC chart, the coin was previously in a bear market. The pair formed a bearish double top pattern which resulted in the selling pressure. The last bearish impulse was on September 4, when the market resumed its range-bound movement.
The coin is fluctuating between the levels of Ƀ0.0060000 and Ƀ0.0080000. From the Fibonacci tool, the bear market has been exhausted. The coin is expected to trade and reverse at the 1.272 extension level. Meanwhile, from the price action, the coin has already reversed at the Ƀ0.0060000 price level. It is now in a sideways trend.
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