08-10 December Litecoin Technical Prediction: LTCUSD Forecast


The Litecoin LTCUSD price suddenly hiked more than 30% and reached an all-time high of $136.40. Here is the 08-10 December Litecoin Technical Prediction.

08 December, AtoZForex – Today, the Litecoin (LTCUSD) surged more than 30% and reached an all-time high of 136.40 level. Also, the price hiked to $28.72 with a 24 hours volume of $168.10M. Now Litecoin reached a market cap of $6.65 Billion and beats Digital cash in terms of market cap. Is it the right time to trade LTCUSD?

08-10 December Litecoin Technical Prediction

An infrequent candlestick pattern characterized by an upside Doji gap which is then followed by a downside gap has been observed in the chart. The shadows on the Doji must completely gap above the shadows of the first and third candlestick pattern.

Moreover, an evening Doji Star candlestick pattern was also observed in the chart which means during a bullish trend, the market builds strength on a long white candlestick pattern. The second candlestick trades within a small range and closes at or near its open.

Additionally, this scenario shows a decline in confidence in the current trend. The third reversal confirms the trend reversal in the candlestick pattern.

According to Fibonacci Retracement, the LTCUSD price is trading above 78% Fibo. retr. level. The traders should wait for a small correction as the LTCUSD became overbought and highly volatile. I recommend buying between Fibo. retr. 38% and 50% i.e $103- $108 level.

The relative strength index(14) value is above 70 which means overbought. 

The MACD(12,26) value is 17.14 gives buying signal in weekly charts.  

Moreover, according to ATR(14), the LTCUSD pair is Highly volatile.

The Litecoin has significant weekly support near $80 level and resistance at $140 level.

LTCUSD Weekly Pivot Point

NameS3S2S1Pivot PointsR1R2R3
Classic53.4964.7582.293.46110.91122.17139.62
Fibonacci64.7575.71782.49393.46104.427111.203122.17
Camarilla91.75594.38797.01893.46102.282104.914107.545
Woodie’s56.58666.29885.29695.008114.006123.718142.716

 

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