The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Litecoin: Warning signs ahead as this pattern threatens extended decline

by Miki 08/04/2021
by Miki 08/04/2021 0 comment

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Hump day failed to account for a bullish reversal as Bitcoin opened yet another day in the red. Instead, its decline below $38k had a domino effect on other altcoins as they continued to move south on the back of selling pressure.

Litecoin, like most of its counterparts, was victim to BTC’s retracement and dropped towards $136. However, what seemed more concerning was the formation of a head and shoulders pattern – A setup that presents chances of an extended sell-off going forward.

Litecoin 4-hour chart 

Source: LTC/USD, TradingView

LTC’s rebound from its 20 July low of $104 was a breath of fresh air as the alt made several lower peaks heading towards its support line. A steady rise in value saw LTC hike from $104 to $159 in just eleven days on the back of broader market cues. However, LTC’s dip from $159 led to the emergence of a head and shoulders pattern with a neckline at $136-support.

At press time, the bears were threatening a close below this bearish setup, one which could trigger an additional 6.3% drop towards the 27 July swing low of $127.4. To invalidate such an outcome, bulls would need to target a hike above the resistance level of $143 and the 20-SMA (red).

Reasoning 

The Relative Strength Index fell sharply and was heading into bearish territory due to a lot of selling pressure in the market. A reversal might be stalled until this index falls into the oversold zone. The Squeeze Momentum Indicator also noted an increase in bearish strength and pointed to a squeeze release.

What this meant was losses can accumulate over the next few sessions. While the MACD moved below the half-line, its histogram registered a slight bullish divergence.

Conclusion 

LTC looked vulnerable to another 6.3% drop in value if the price closes below the neckline of the head and shoulders pattern. Traders can opt to short LTC in such a scenario but must wait for a breakdown confirmation as there was evidence pointing to a bullish resurgence around the $136-support.

Source link

Views: 0
AheadDeclineextendedLitecoinPatternSignsthreatensWarning
Share
0
FacebookTwitterPinterestEmail
previous post
Spanish Opposition Party Partido Popular Proposes Bill Allowing Crypto Payment for Mortgage
next post
NBA Summer League Games to Feature NFT Sale This Weekend

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Polkadot: Is it the right time to add this alt to your portfolio? 

  • This Former Banking Giant CEO Says Banks Will Start Crypto Trading in 3 Years

  • Crypto Analyst Lists the Top 10 Cryptocurrencies by Market Value By CoinQuora

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Mining (0)
  • Ripple (149)
  • Uncategorized (0)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,829.001.67%
  • ethereumEthereum(ETH)$1,977.010.35%
  • tetherTether(USDT)$1.00-0.09%
  • binancecoinBNB(BNB)$332.833.40%
  • usd-coinUSD Coin(USDC)$1.000.06%
  • rippleXRP(XRP)$0.402824-1.25%
  • Binance USDBinance USD(BUSD)$1.00-0.02%
  • cardanoCardano(ADA)$0.520.89%
  • SolanaSolana(SOL)$49.19-0.21%
  • polkadotPolkadot(DOT)$10.062.24%
  • dogecoinDogecoin(DOGE)$0.0840240.91%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,807.001.70%
  • Lido Staked EtherLido Staked Ether(STETH)$1,934.170.22%
  • AvalancheAvalanche(AVAX)$28.66-0.57%
  • tronTRON(TRX)$0.0809440.30%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-0.04%
  • daiDai(DAI)$1.00-0.09%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$69.55-0.36%
  • CronosCronos(CRO)$0.1889871.48%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.880.82%
  • matic-networkPolygon(MATIC)$0.641.68%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.861.41%
  • HederaHedera(HBAR)$0.389473-3.44%
  • FTX TokenFTX Token(FTT)$29.700.26%
  • bitcoin-cashBitcoin Cash(BCH)$193.771.95%
  • RareRare(RARE)$0.0461220.00%
  • moneroMonero(XMR)$198.316.11%