Litecoin trading cryptocurrency market update for Jul 8, 2019

Jul 8, 2019 --- Altcoins

Litecoin trading cryptocurrency market update for Jul 8, 2019

Weekly Chart

 

Litecoin v's Bitcoin is trying to find support at the top of the upper demand area and so far buyers have emerged to keep price from closing in that region, and the flatlined 100 and 200 SMA's are also providing support around current levels so the bulls might be able to stave off disaster for couple more days. That said, the fact that SCMR is still red, candle formations are lackluster, the shorter-term moving averages continue to head lower, the momentum oscillators have a bit more recharging to do, and the Ichimoku Cloud remains bearish means that caution is still warranted moving forward. Longer-term, we still don't think the likelihood of price getting below 0.008 without a substantial bounce first is very good which is why we are still interested in getting active around that level if given the opportunity.

Short term Members ProTrade - No new ProTrade ideas at this time.

Medium term Members ProTrade - No new ProTrade ideas at this time.

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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