Litecoin trading cryptocurrency market update for Jun 27, 2019

Jun 28, 2019 --- Altcoins

Litecoin trading cryptocurrency market update for Jun 27, 2019

Daily Chart

It comes as no surprise that Litecoin v’s Bitcoin broke down below the 0.010 level over the past 24 hours considering how bearish the technicals have been over the course of this week, and it doesn't look like the sellers are done yet as SCMR remains red on lackluster candle formations while medium-term market structure is now firmly broken, none of which bodes well for the bulls moving forward. The falling moving averages, the dynamic resistance levels overhead, and the bearish Ichimoku Cloud out in front of the market all suggest that the bears are still in control as well, although the volume indications are staying relatively strong, momentum is recharged, and price is in a longer-term demand area so there should be a bounce between 0.009 and current levels. That said, if 0.009 is broken then there is likely another 10+% move to the downside in store. 

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 retracement back down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.0xx.

  • CANCELLED

 

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