PRICE ACTION
5m chart shows a slight sign of the bulls attempting to create a higher low; although volume is missing. RSI however, is showing a lower low divergence suggesting a bounce may be about ready to form. Again, volume is key...so without something new happening; don’t expect a magic change.
The 1D chart has been red-on-red for most of the last 10 days; which an acceleration downward after the 28D MA failed to hold. The 13W & 52W MAs are the next supports that can offer support; which could be a good option for a long accumulation. The 1W rising trend; as well as the 26W MA are the final bullish support – all the way back at $48.
Finally, looking at the 4H chart; we can see that price has been consistently stair-stepping down. Each step is getting shallower and shorter – suggesting the move may slowly be settling down.
From the start to the end of April; we have seen a 33% retracement in value for Litecoin. This is one of the absolute biggest overall movements backwards of the main top coins (BTC is 10% comparably…).
OPEN INTERESTS (BITFINEX)
Long: 1.44 Days
Short: 0.60 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 79 (28D MA), 85, 100
Support: 65 (52W MA), 60 (13W MA), 53
PREVIOUS ANALYSIS
5m chart shows a slight sign of the bulls attempting to create a higher low; although volume is missing. RSI however, is showing a lower low divergence suggesting a bounce may be about ready to form. Again, volume is key...so without something new happening; don’t expect a magic change.
The 1D chart has been red-on-red for most of the last 10 days; which an acceleration downward after the 28D MA failed to hold. The 13W & 52W MAs are the next supports that can offer support; which could be a good option for a long accumulation. The 1W rising trend; as well as the 26W MA are the final bullish support – all the way back at $48.
Finally, looking at the 4H chart; we can see that price has been consistently stair-stepping down. Each step is getting shallower and shorter – suggesting the move may slowly be settling down.
From the start to the end of April; we have seen a 33% retracement in value for Litecoin. This is one of the absolute biggest overall movements backwards of the main top coins (BTC is 10% comparably…).
OPEN INTERESTS (BITFINEX)
Long: 1.44 Days
Short: 0.60 Days
RELATIVE STRENGTHS
- Micro (5m): Oversold
- Short Term (4h): Weak
- Mid Term (1D): Lower Low
- Macro (1W): Weakening
ON BALANCE VOLUME
- Mid Term (1D): Weakening
- Macro (1W): Weakening
KEY PRICE AREAS
Resistance: 79 (28D MA), 85, 100
Support: 65 (52W MA), 60 (13W MA), 53
PREVIOUS ANALYSIS