Litecoin Price Technical Analysis (September 10): Facing Strong Resistance at $72

Analysis
Litecoin LTC Cryptocurrency Price

Litecoin (LTC)trade is currently trading at $71.12. The digital coin is facing resistance at $72.09 and support at $69. LTC price is expected is to trade between the channel and long position should not be taken at this price.

It is suggested to wait until the price reaches the support, or breaks the resistance.

Litecoin graph September 10

Dow Theory

The accumulation phase usually starts when informed investors (experienced traders and institutions) are beginning to enter their positions. The price movements during the accumulation phase are slow.

The accumulation phase often falls into the end of a downtrend where ordinary investors believe that more bearishness is likely and the overall outlook is pessimistic. It is followed by the participation phase.

Litecoin Dow Theory September 10

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), there is a bullish crossover. Yet, the Litecoin price is below the 9 period moving averages, which indicates a correction. It is suggested to wait until the price closes above the 9 period moving average.

Litecoin Moving Average September 10

Bollinger Bands

The price is moving between the channels, with the upper limit acting as resistance and the middle average line acting as support. The expanding channel indicates increased volatility.

Litecoin Bollinger Bands September 10

Conclusion

Litecoin (LTC)trade is presently trading at $71.12. The first resistance level is at $72.09 and the first support level is at $69. It is recommended not to take long positions at this current price, and wait for the cryptocurrency to touch the first support level.

If the digital currency price closes a trading day above $71, it can then reach $75.5. A close below $69 can drag the price below all the down to $65. Swing trading can be done using the above mentioned levels. The mid-term trend is bullish.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 57.557 60.695 64.691 67.829 71.825 74.963 78.959
Fibonacci 60.695 63.420 65.104 67.829 70.554 72.238 74.963
Camarilla 66.724 67.378 68.032 67.829 69.340 69.994 70.648
Woodie’s 57.985 60.909 65.119 68.043 72.253 75.177 79.387

Technical Indicators

Name Value Action
RSI(14) 43.323 Sell
STOCH(9,6) 14.631 Oversold
STOCHRSI(14) 9.393 Oversold
MACD(12,26) -0.997 Sell
ADX(14) 38.250 Neutral
Williams %R -89.407 Oversold
CCI(14) -91.3924 Sell
ATR(14) 19.3742 Less Volatility
Highs/Lows(14) -16.6186 Sell
Ultimate Oscillator 37.601 Sell
ROC -39.871 Sell
Bull/Bear Power(13) -24.6180 Sell

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