Litecoin Treads Water Absent Market Moving News
Jan 28, 2014 --- (ARCHIVED) Altcoin Price Reports
We take a look at the new 180min chart from TradingView.com for a detailed look at the technicals. There seems to be much conflict as the EMA’s flatten out, the RSI has weakened considerably, but the MFI is still confirming the rally off of the 9.12 $ bottom. Also of note is the fact that LTC is reacting surprisingly well to the Fibonacci retracement levels as the market bounced off of the 50% level and is now struggling with the key 61.8% mark at 23 $. Currently, the market appears to have held the current uptrend line off of the December low, but the recent weakness could persist in the near term as a bottom is being put in.
Although we do not expect a retest of the 9.12 $ low at this time barring more negative exogenous news, we do think a range trade between 18 $ and 31 $ could have legs in the short term until a confirmed pennant breakout occurs. Longer term we remain bullish. Probability XX/XX.
What is the alternative? A confirmed move below the 9.12 $ low would indicate the range is broken and the pennant is void. Low single digits would be in the cards. Probability XX/XX.
LTC/USD 180min chart on January 8, 2014:
LTC/USD 240min chart on January 28, 2014: