Litecoin Price Technical Analysis (August 13): No Clear Direction Yet

Litecoin LTC Coin Technical Analysis

Litecoin (LTC)trade is currently trading at $85.61. In the graph below it can be seen that the digital coin was trading between the channels but recently it has broken the lower limit of the channel, indicating a further correction. The channel’s lower limit is at $87.55, and is acting as resistance with support at $82.80.

Litecoin Graph August 13

Dow Theory

According to Dow Theory, the virtual coin is currently appearing in the accumulation phase after the panic phase. The accumulation phase is a period when long-term investors are actively buying stock against the general opinion of the market.

During this phase, the stock price does not change much because these crypto investors are in the minority, demanding stock that the market at large is supplying. This is usually followed by the participation phase where more active buying starts.

Litecoin Dow Theory August 13

Bollinger Bands

LTC price is moving between the channels, with the upper limit acting as resistance and the middle average line acting as support. The channel is shrinking with negative momentum, indicating lesser volatility with a bearish sentiment. It suggests that the cryptocurrency price might not move much.

Litecoin Bollinger Bands August 13

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen but Litecoin’s price is trading below both moving averages i.e. 9 and 21. This indicates an indecision in the crypto market.

Therefore taking long positions is not suggested until the virtual currency price closes above the moving average with a bullish crossover.

Litecoin Moving Average August 13

Conclusion

Litecoin (LTC)trade is currently trading at $85.61. The resistance level is at $87.55 and the support level is at $82.80. It is suggested not to take long positions at this price, as there is an indecision in the market with a negative momentum.

Long positions can be taken once the cryptocurrency price enters the channel, keeping the channel’s lower limit at $86.46 as support and the channel’s upper limit at $87.5 as a target. If the price breaks the support level, the price can fall up to $77. Swing trading can be done using the above-mentioned levels.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 52.355 67.439 76.454 91.538 100.553 115.637 124.652
Fibonacci 67.439 76.645 82.332 91.538 100.744 106.431 115.637
Camarilla 78.843 81.052 83.261 91.538 87.679 89.888 92.097
Woodie’s 49.321 65.922 73.420 90.021 97.519 114.120 121.618

Technical Indicators

Name Value Action
RSI(14) 47.951 Neutral
STOCH(9,6) 23.105 Sell
STOCHRSI(14) 0.980 Oversold
MACD(12,26) 7.804 Buy
ADX(14) 38.501 Neutral
Williams %R -86.414 Oversold
CCI(14) -90.2107 Sell
ATR(14) 22.3813 High Volatility
Highs/Lows(14) -9.6060 Sell
Ultimate Oscillator 44.056 Sell
ROC -2.234 Sell
Bull/Bear Power(13) -18.9930 Sell
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