Litecoin Price Technical Analysis (Nov. 26): No Signal of a Positive Breakout

Analysis
Litecoin LTC Digital Coins

The chart below indicates that we can see that the Litecoin (LTC)trade price is trading at $46.92, while it can also be observed to be trading within the channel. The upper limit at $47.72 is acting as resistance and the lower limit at $45.54 is acting as support. It is suggested to use strict stoploss while trading as the support level is weak.

Litecoin Price graph November 26

Dow Theory

One of the largest digital currencies LTC is currently appearing in the accumulation phase. This is the phase when the knowledgeable and informed investors are actively buying the cryptocurrency against the general opinion of the crypto market.

During this phase, the digital currency’s price does not change much because these investors are in the minority demanding supply that is wholly available.

Litecoin Dow Theory November 26

Bollinger Bands

The Litecoin price is moving between the channels with the middle average line acting as support and the upper limit acting as resistance. It can be seen that the channel is expanding with a negative momentum, which indicates increased volatility with a downtrend propulsion. Therefore some correction is expected, and taking long positions is not suggested.

Litecoin Bollinger Bands November 26

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen; yet, the LTC price is trading below the 9 period moving average.

This indicates indecision of the investors. It is suggested to wait until the cryptocurrency price starts trading above the moving average.

Litecoin Moving Average November 26

Conclusion

The price of Litecoin (LTC)trade is trading at $46.92. The resistance is at $47.72 and $45.54 is acting as support. It is recommended not to take any long position at this price range as there is an indecision in the market.

Swing trading can be done by keeping the upper limit of the channel as resistance and the lower limit as support. It is also suggested to wait until the price closes above the moving average before taking a long position. Litecoin’s long term trend is neutral as there is no signal of a positive breakout.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 24.908 34.283 41.173 50.548 57.438 66.813 73.703
Fibonacci 34.283 40.496 44.335 50.548 56.761 60.600 66.813
Camarilla 43.591 45.082 46.573 50.548 49.555 51.046 52.537
Woodie’s 23.666 33.662 39.931 49.927 56.196 66.192 72.461

Technical Indicators

Name Value Action
RSI(14) 35.456 Sell
STOCH(9,6) 35.800 Sell
STOCHRSI(14) 0.000 Oversold
MACD(12,26) -5.808 Sell
ADX(14) 23.317 Sell
Williams %R -87.998 Oversold
CCI(14) -164.2341 Sell
ATR(14) 10.0713 Less Volatility
Highs/Lows(14) -8.6339 Sell
Ultimate Oscillator 43.676 Sell
ROC -36.570 Sell
Bull/Bear Power(13) -34.1920 Sell

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