Signalling Bullish trend, the Litecoin is consolidating and about to get back on the track. Here is the 05-07 January Litecoin Technical Prediction.
05 January, AtoZForex – In the ranking of the most considerable cryptocurrencies, Litecoin (LTC) – the peer-to-peer digital currency has recently lost some places. From the all-time high of US$ 420, the price had halved until the last weekend. Also, the Litecoin lost its market cap to 13.51 Billion after a significant correction. Litecoin may be one of the more underrated digital currency at this time, but it could be a better investment than Bitcoin. As the coin limit for Litecoin is four times the size of bitcoin (84 million vs. 21 million). What to expect from Litecoin price in the coming week?
05-07 January Litecoin Technical Prediction
According to the candlestick charts, a Harami cross and bullish pattern emerged in the 15M timeframe which signals upward move. After a long black candlestick at the low end of a downtrend, a white candlestick opens higher or at the previous candlestick’s close and closes at or around its open.
The Harami Cross indicator is more definite than the primary Harami indicator and signifies a reversal for the bulls. Also, the smaller the second candlestick, the stronger is the reversal signal. Moreover, the shadows of the second candlestick do not have to be contained within the first candle’s body, though it’s preferable if they are.
According to Fibonacci retracement chart, the LTCUSD is trading at 50% Fibo retr. level and consolidating since past few days. If the price break the 61.8% Fibo retr. level than a huge upward rally might be seen from that level. The chances are high that the price may break 78% Fibo retr. handle and break second resistance point, i.e., US$ 330 in the coming week.
The relative strength index(14) value is above 50 which means buying opportunity.
The MACD(12,26) value is 54.07 gives buying signal in weekly charts.
Moreover, according to ATR(14), the LTCUSD pair is Highly volatile.
The Litecoin has strong weekly support near $183.1 level and resistance at $272.45 level.
LTCUSD Weekly Pivot Point
What’s your opinion on the 05-07 January Litecoin Technical Prediction? Let us know in the comment section below.