2019-1-29 18:14 |
Litecoin Daily Chart – Source: Tradingview.com
Litecoin started the week with a decline along with the rest of the cryptocurrency market but has since been meeting support at the $30 which is a key psychological point for traders.
If Fibonacci retracements are drawn from the December low to the January high, we can see that the price of Litecoin at the 0.382 retracement level during price increases last week.
The current daily candle forming for litecoin is a Doji. A Doji candle is a candle where the open and the close are around the same point.
This typically reflects uncertainty from traders. Although the price has started to recover after testing $30, traders are likely still wary given the bearish drops which took place over the past few days.
Litecoin 4-Hour Chart – Source: Tradingview.comThe four-hour chart shows how price has been behaving with the levels in closer detail.
Price also spent a lot of time last week consolidating around the 50% retracement level.
Any prior drops below $30 have found buyer liquidity at the 0.618 retracement level.
However, a return to bearish conditions would make it highly possible that price drops below both these levels.
Key takeaways: The drop in Litecoin has been meeting support at the key psychological point of $30. Previous drops below this point have found buyers at the 0.618 retracement level. To the upside, the 50% retracement level has acted as a point of consolidation, and the 0.382 retracement level acted as resistance last week. Latest Litecoin News:Swiss Private Bank Introduces Direct Transfers of Bitcoin, Litecoin, Ether & Bitcoin Cash
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Litecoin Price Action: Doji Forming for LTC After Price Meets Support was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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