Moon_Rocket_Capital

Is Litecoin oversold?

BITFINEX:LTCUSD   Litecoin
PRICE ACTION
Let’s start with a quote from yesterday’s update:
it will be interesting to see how price reacts @ $80 over the next 24 hours.

Price essentially failed to break through the centre of the ranging channel; and with limited time to recover – demand dried up and pushed price lower. We can see that – like many other charts at the moment – volume was disappointing. This leads to further speculation that this was a sentiment shift rather than a bearish push.

The 52W MA still sits at $65; and there isn’t any major horizontal supports between here and that price. Bulls should be patient and let the process play out – though it is the inherent history of crypto markets that bulls are significantly faster at entering trades in comparison to the more cautious bearish traders.

Look for a temporary recovery movement on the short timeframes (4H and lower); although we may see RSI move slightly lower first.

OPEN INTERESTS (BITFINEX)
Long: 1.54 Days
Short: 0.67 Days

RELATIVE STRENGTHS
  • Micro (5m): Weak
  • Short Term (4h): Oversold
  • Mid Term (1D): Weak
  • 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

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.