AltcoinsLitecoin

Litecoin $LTC Price Outlook: Slightly Bearish

@KittyBitcoin logo
December 29 2018 10:36 UTC

 

Litecoin has gained 10.66% or 3.03 USDT in twenty-four hours. In this Saturday Edition find $LTC price action, trend, technicals and more. Or jump right to the Litecoin $LTC Price Outlook.

 

Price Action

The price of $LTC has risen over twenty-four hours. The last price at press time is 31.45 USDT. In Binance moderate to heavy volume trading the daily change is 10.66%, or 3.03 USDT:
$LTC Price Change
period % USDT
24 hours 10.66 3.03
7 days 0.51 0.16
1 month -7.23 -2.45

News

Trend

trend is MIXED

The Litecoin weekly trend is mixed. The monthly trend is clearly down, the ten day trend is largely sideways, and the weekly trend has significant price changes daily with no decided direction weekly.

[Trend is "mixed" when the weekly price movement contains both green and red daily price candles, price movement up or down is significant, and there is no clear weekly price direction.]

Real Time Market Depth

The real time market depth is slightly bearish.

 

[The real time market depth is a fractional representation of the order book, used to assist in determining market direction.]

Chart

Tap / click to zoom:

ltc-usdt-binance-one-hour-candles-2018-12-29

 

Remarks

A bitcoin surge lifted Litecoin today. $LTC began at $28.41 at seven in the morning. Five hours later it reached a high of $33.08. The difference was $4.67. The price went largely sideways after the initial lift.

The last price, in a red candle, has broken through the major intraday support level at $31.12, and appears headed south.

 

Technicals

Moving Average Convergence Divergence (MACD)

The MACD on the one hour chart is bearish. The two, four and six hour charts are bullish, while the one hour and twelve hour chart are bearish. It’s a mixed bag.

[MACD is a trend-following momentum indicator]

 

Exponential Moving Averages (EMA)

period average
7 day 31.67
25 day 31.01
99 day 30.34

The EMA results are based on the one hour chart, displayed.

Twenty-three hours ago we saw a low angle bullish cross above the medium term EMA(25) in the one hour chart. The short term EMA(7) crossed the long term EMA(99) and continued to rise. Overall this was bullish, however the indicator is currently headed sharply downwards, a bearish state.

[EMA is a type of moving average that weights recent price fluctuations more, yielding a better short term signal]

 

Relative Strength Index (RSI)

The Relative Strength Index on the one hour chart is 51.6. This is a neutral state.

[RSI is is a momentum indicator that measures the magnitude of recent price fluctuations to determine an overbought or oversold state]

 

Bitcoin $BTC Price Modifier

The 24 hour Bitcoin $BTC change is 6.87%. This may exert a neutral influence on Litecoin today.

[The bitcoin price modifier reflects the historical correlation between the price of $BTC and altcoins]

 

Litecoin $LTC Price Outlook

slightly bearish

  • the Litecoin $LTC price outlook is slightly bearish
  • if the price finds acceptance at higher levels the major resistance prints at 32.00
  • if the price finds acceptance at lower levels the major support prints at 31.00
Resistance levels: 32.00 33.08

Support levels: 31.00 27.17 23.50

 

Invalidation: This outlook is no longer valid if the asset has performed outside of its resistance or support levels, or outside of its short term analysis duration.

 

Analysis Duration: four hours

This report is for a short term duration of four hours. Analysis is time sensitive.

[Analysis duration yields a “best before date”, calculated from report generation at December 29 2018 10:36 UTC.]

 

Independent Comparison

Comparing our outlook with independent, automated results from Investing.com shows:

Asset: Litecoin $LTC
Time Period: 5 Hours
Summary: strong buy
Moving Averages: strong buy
Technical Indicators: strong buy

 

Disclosure

The author does not hold Litecoin $LTC at the time of writing.

About @KittyBitcoin

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