Litecoin (LTC) trading cryptocurrency market update for Aug 16, 2019
Aug 16, 2019 --- Altcoins
The new Litecoin v's Bitcoin demand area below the market has been able to provide enough support to keep price above it on closes for the past several days despite red SCMR signals and heavy market structure while the EMA's continue to fall, all of which is a decent sign for the bulls moving forward, however, we continue to think that a move back below 0.0070 is more likely than a rally above 0.0081 due to the still bearish SMA's, the multiple levels of dynamic resistance overhead, and the increasingly bearish Ichimoku Cloud. That said, if 0.0068 can be defended on the next bout of weakness then the bulls will finally have something legitimate to work with heading into to next week.
Indeed Litecoin v's USD spiked down into the low-70's $ as expected over the past 24 hours on a red SCMR signal and now broken market structure where the bulls reemerged at support also as anticipated thus taking price back above the 75 $ level today and sparking a bullish dragonfly doji which could be an early sign of a reversal. The almost fully recharged momentum oscillators support the bullish view, however, the shorter-term moving averages are still falling while dynamic resistance builds overhead and the Ichimoku Cloud starts to grow more bearish out in front of the market so we'll stay cautious until more evidence of a bottom emerges.
Short term Members ProTrade - No trade idea right now
Medium-term Members ProTrade - No trade idea right now
Long term Members ProTrade - We will consider a small LONG position on a continuation down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.0xx.
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