Is Litecoin oversold?
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
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 79 (28D MA), 85, 100
Support: 65 (52W MA), 60 (13W MA), 53
PREVIOUS ANALYSIS
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
Pernyataan Penyangkalan
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.