{"id":28011,"date":"2022-09-04T10:48:46","date_gmt":"2022-09-04T10:48:46","guid":{"rendered":"http:\/\/egrowonline.com\/?p=28011"},"modified":"2022-09-04T10:48:46","modified_gmt":"2022-09-04T10:48:46","slug":"litecoin-traders-going-short-must-consider-ltcs-inability-to-break-past-this-level","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=28011","title":{"rendered":"Litecoin traders going short must consider LTC’s inability to break past this level"},"content":{"rendered":"


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Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.<\/em><\/p>\n

Litecoin [LTC]<\/a> has not seen a large amount of volatility in recent weeks, relative to the rest of the altcoin market. The past month saw LTC range between $52 and $64, a modest 22% price difference measured from the bottom.<\/p>\n

In the meantime, Bitcoin [BTC]<\/a> slipped below the $20.8k support after a firm rejection at $24k in mid-August. The USDT Dominance<\/a> metric has also risen in the past month to indicate investors moving to holding Tether and fleeing the crypto market.<\/p>\n

Fear could further rise in the weeks to come, and Litecoin traders can be positioned to capitalize on the resulting price movement.<\/p>\n

LTC- 1-Day Chart<\/h4>\n
\"Litecoin\"Litecoin<\/a><\/p>\n

Source: LTC\/USDT on TradingView<\/p>\n<\/div>\n

The Volume Profile Visible Range showed the Point of Control (red) to lie at $55.07. The Value Area Low and High lay at $42.68 and $69.3 respectively. The volume tool highlighted that a large portion of the trading activity since June has been within the extremes marked on the chart.<\/p>\n

Since June, the price has formed a range between $65 and $43.4, values that are quite close to the VAH and VAL. At press time, LTC exchanged hands at $61.26 per coin and there was some momentum upward based on the past few days of trading.<\/p>\n

It was likely that the $65-$69 region would firmly oppose bullish intentions, and a test of this zone could offer opportunities to sell or short Litecoin. A stop-loss above $70 can be considered, with a take-profit at $55.1 (PoC) and $42.6 (VAL).<\/p>\n

Rationale<\/h4>\n
\"Litecoin\"Litecoin<\/a><\/p>\n

Source: LTC\/USDT on TradingView<\/p>\n<\/div>\n

The Relative Strength Index (RSI) has been stuck within the 60 and 40 and has been since July. This was indicative of the formation of a range for an asset. At the time of writing, the RSI approached 60 and could face rejection in the 60-65 band. The Stochastic RSI approached the overbought territory as well.<\/p>\n

The Directional Movement Index (DMI) also supported the idea of a range formation. The Average Directional Movement Index (ADX) was unable to climb above the 20 mark and stay there in recent months. This indicated the lack of a strong trend behind Litecoin. The Chaikin Money Flow (CMF) has also stayed in the neutral area around 0, or beneath the -0.05 mark.<\/p>\n

Conclusion<\/h4>\n

Taken together, the indicators showed a lack of strong trend behind Litecoin and also some selling pressure in recent weeks. It did not yet appear likely that LTC would be able to break above the $69 resistance. Bitcoin was at a perilous spot for bulls as well. Hence, a sharp downward move for LTC can not be ruled out in the coming weeks.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Litecoin [LTC] has not seen a large amount of volatility in recent weeks, relative to the rest of the altcoin market. The past month saw LTC range between $52 and $64, a modest 22% price […]<\/p>\n","protected":false},"author":1,"featured_media":28012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[439,10926,664,199,7930,1426,180],"class_list":["post-28011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-break","tag-inability","tag-level","tag-litecoin","tag-ltcs","tag-short","tag-traders"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/09\/PP-1-LTC-cover-1000x600.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28011"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28011\/revisions"}],"predecessor-version":[{"id":28013,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28011\/revisions\/28013"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/28012"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28011"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}