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Litecoin (LTC) Risks Further Downside Against Bitcoin (BTC) But Not For Long

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Litecoin (LTC) is at risk of further downside against Bitcoin (BTC) as the price has just run into a strong resistance at the 38.2% fib retracement level. LTC/BTC is now likely to decline to the bottom of the falling wedge but the big picture tells us that we might see further upside from here soon as the price breaks out of the falling wedge. This tell us that we could see a mini altcoin rally towards the end of the year but this does not mean that we are on the cusp of a bull market. All it means is that Litecoin (LTC) might soon see further upside against Bitcoin (BTC). Confidence in altcoins has been the lowest for the most time since the beginning of the year.

Investors have been more comfortable keeping funds in Bitcoin (BTC) instead of altcoins. This has now turned into a mainstream trend which is why it might be time for it to reverse. The price could rise towards the 61.8% fib retracement level to say the least soon as it breaks out of the falling wedge but that means that should not be confused with the beginning of a bullish market cycle. Litecoin (LTC) failed to rally after its Litecoin (LTC) halving. We expect that the price might see some moves to the upside after the upcoming downtrend. This is likely to convince some investors that we are probably in a bull market and that is what we expect to happen from this point onwards. The market makers are going to keep on trapping more bulls and then systemically wipe them out.

Before we get all excited about an upcoming bullish rally in Litecoin (LTC) against Bitcoin (BTC), we need to consider that LTC/USD still remains on the verge of a strong downtrend. The price broke a key uptrend as it declined below the strong support established since the beginning of the parabolic advance. This support will now be tested as resistance and the price will have a hard time breaking past it. The most likely scenario is that the price will decline to the 61.8% fib extension level and then eventually decline well below it. It is true that the price will see further upside against Bitcoin (BTC) from here but it has yet to see more downside against the US Dollar (USD) and that is more important to focus on.

Any investments in altcoins to capitalize on the mini altcoin season should be considered just that accounting the risks of further downside in Litecoin (LTC) against the US Dollar (USD). A lot of traders and analysts lay too much emphasis on halving but we need to realize that Litecoin (LTC) was hyped up enormously before its halving. It is now likely to see a major correction as investors cash out. It is important to realize that in every market, the whales and the market makers are that profit the most off every opportunity. If the price were to keep on rising from here that would mean that retail traders have most of the coins that mostly have weak hands and give in to emotions. This is why we don’t see a new bullish cycle before most of the coins change hands from weak to strong hands at lower prices and that is when we will see the

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Litecoin

Litecoin Price Analysis: LTC Maintains at $76; the Next Target is Likely to be $81

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  • Litecoin hovers at 76 USD for the second day.
  • The next resistance point for the coin may come at 81 USD.

Litecoin, as a Top-5 coin in the market, has a huge user base and it gets decent attention for this. For the past few days, the coin was negatively focussed as it was under pressure. But the day before yesterday Litecoin managed to get over the 75 USD mark. In the last 24 hours, the coin could not advance further, but it maintained well its value near 76 USD. We will be analyzing the four major price swing of Litecoin in the last 1 day. Let us see the current statistics first.

Litecoin Price Statistics-

  • Litecoin is on 5th position in the market and the ROI (Return on Investment) of the coin currently is 1,687.11%.
  • A total of 63,072,181 LTC coins are in current circulation.
  • The market cap of Litecoin as on 20th August at 03:15 UTC stands at 4,842,401,376 USD.
  • The value of Litecoin stands at 76.69 USD and 0.00706377 BTC.
  • The 24h volume of the coin stands at 2,322,489,366 USD.

LTC to USD Price Comparison-

Litecoin price chart August 20
Litecoin Price Chart by TradingView

Litecoin started yesterday near 76 USD and with a small hike of 1.59%, which took the coin to 77.02 USD by 02:11 UTC. The second swing came as a huge price gain for Litecoin as it was pushed from 76 USD to 78.72 USD over 2 hours from 06:01 UTC. In the next 4 hours, the coin managed to maintain its value near 78 USD. But between 11:51 UTC and 20:51 UTC, the coin fell by 3.96% and reached 75.56 USD. However, towards the closing of the day, the coin grew by 2.22% and reached 77.22 USD by 23:11 UTC. Over the last few hours, the coin has been maintaining its value near 76 USD.

Litecoin Price Prediction-

Litecoin is likely to grow exponentially soon. The next target for the coin should be 81.18 USD and after that may find it smoother to get hikes. The medium-term of the coin seems bullish. The next probable resistance and support levels are listed below.

Litecoin (LTC) 
1st Resistance78.55333333 USD
2nd Resistance79.84666667 USD
3rd Resistance81.18333333 USD
1st Support Level75.92333333 USD
2nd Support Level74.58666667 USD
3rd Support Level73.29333333 USD
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Litecoin (LTC/USD) forecast and analysis on August 20, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 76.23. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Litecoin (LTC/USD) forecast and analysis on August 20, 2019

As part of the Litecoin exchange rate forecast, a test of the level of 78.20 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 66.20. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 80.00.

Litecoin (LTC/USD) forecast and analysis on August 20, 2019

Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of ​​82.40. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on August 20, 2019 implies a test level of 78.20. Further, it is expected to continue falling to the area below the level of 66.20. The conservative area for selling Litecoin is located area of 80.00. Canceling the option of falling cryptocurrency will be a breakdown of the level of 82.40. In this case, we can expect continuation growth

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Litecoin: The pair might be setting up for a move higher

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  • Nice trendline break yesterday could indicate a further move higher
  • Intraday 76.00 could provide support – before LTC/USD breaks higher
  • Both the MACD and Stochastics have moved into positive territory
LTC USD 4 hour

Litcoin is not one of the best performing cryptocurrencies today but there has been a bullish trendline break that we need to take notice of. The trendline on the chart broke yesterday taking out the 77.00 wave high in the process. Today the price is still in the consolidation area but at slightly higher levels. 

The area we need to watch is 78.13, which LTC/USD did breach for a short period of time. Recent price action has taken LTC/USD back down below that level but we need to watch for a break and close above as this would mean a continuation of the lower high lower low trend pattern on the 4- hour chart. If we are to see a push to higher levels, something we may see is a retest of a trendline or a previous consolidation high for support. 

On the 4-hour chart, the stochastic indicator is in an overbought zone and could dip lower to give the price some room to breathe before another move up. The MACD histogram is also positive as the two moving averages diverge but interestingly both the moving averages have not crossed the mid-line to the upside so we cannot confirm a full change of trend yet. 

On the zoomed in 1-hour chart below, you can see the resistance level hold. On the one hour chart, the 76.00 level could be seen as a good support point for support before we get a move higher. On the other hand, if it does break and hold below, this could be bearish and prices might retest the lows again. For now, the base case scenario is a break of 78.50 back to the upside so we can get another test of 80.00. 

LTC USD 1 hour chart

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