So far, it seems that February has been great for Litecoin as it's price has managed to cross the 20 days Moving Average, it consolidated it's position at the top and also registered a growth of 55% until today.
Of course, this huge price change was stimulated by the higher trading volumes than before and also by the market capitalization of the whole sector which became bigger, as the earnings season of the stock market is almost gone.
From the technical perspective, we have the MACD and the Stochastic which starting with November have clearly showed the trends and the price direction changes, with only 2 exceptions :
* On the 30th of November, when the MACD has crossed the Signal, the price continued it's negative rally despite the "BUY" signal given by the indicator;
* On the 15th of January, when the "fast" line of the Stochastic has crossed the "slow" one, we could have been tempted to "BUY" and we could have been disappointed, as the price of Litecoin didn't register any impressive change.
On the other hand, it is important to mention that whenever these two parameters have showed the same signal, the price has followed the direction, with the last example registered on 31 January when the actual "bullish" trend has started.
Today, based on the lower trading volumes and also on the Stochastic's crossover, we can consider that the "correction" of the price has started and it also has chances to continue in the following days, even if the trend on the 1D Chart is still the same one.
And given the actual circumstances, it is possible to see the price getting closer to the Pivot Level first, before trying again to break the Resistance Level of 53.94$.
Of course, this huge price change was stimulated by the higher trading volumes than before and also by the market capitalization of the whole sector which became bigger, as the earnings season of the stock market is almost gone.
From the technical perspective, we have the MACD and the Stochastic which starting with November have clearly showed the trends and the price direction changes, with only 2 exceptions :
* On the 30th of November, when the MACD has crossed the Signal, the price continued it's negative rally despite the "BUY" signal given by the indicator;
* On the 15th of January, when the "fast" line of the Stochastic has crossed the "slow" one, we could have been tempted to "BUY" and we could have been disappointed, as the price of Litecoin didn't register any impressive change.
On the other hand, it is important to mention that whenever these two parameters have showed the same signal, the price has followed the direction, with the last example registered on 31 January when the actual "bullish" trend has started.
Today, based on the lower trading volumes and also on the Stochastic's crossover, we can consider that the "correction" of the price has started and it also has chances to continue in the following days, even if the trend on the 1D Chart is still the same one.
And given the actual circumstances, it is possible to see the price getting closer to the Pivot Level first, before trying again to break the Resistance Level of 53.94$.
Trade closed: target reached:
the Pivot Level has been reached. The position was closed on profit
