Trading below the $120 level, the Litecoin or LTCUSD formed a Three Outside down bearish reversal candlestick pattern. Here is the 10-12 April Litecoin Technical Prediction.
10 April, AtoZForex – Today, the Litecoin (LTCUSD) dropped 1.26% trading at $113 mark and trading in a range-bound zone since past few days. Now, the Litecoin has a market cap of $6.37 Billion, dropped almost 50% since January 18. In the last 1 Week, the price has moved by $ -10.11 (-8.17%) with a total volume of over $ 484.89 Million. The weekly highest price, $ 137.40, was on Tuesday, 03 April 2018 and the weekly lowest price, $ 111.79, was on Tuesday, 10 April.
Fundamentally, the crypto-market saw a significant drop in the past few weeks due to Ban on crypto-ads service by Google, Facebook & Twitter, the China-US trade war, Indian Central Bank Limits Banking Services for Crypto Firms. Is it the right time to trade LTCUSD?
10-12 April Litecoin Technical Prediction
The Three Outside down bearish reversal candlestick pattern has completed in the 1D timeframe. This pattern is a more reliable addition to the standard Engulfing pattern. A Bearish Engulfing pattern occurs in the first two candles. The third candle is a black one with a lower close than the second candle. The third candlestick is confirmation of the bearish trend reversal.
The 100 SMA is still above the longer-term 200 SMA to signal that the path of least resistance is still to the upside. According to Fibonacci retracement charts, the LTCUSD pair is trading below the 23.6% Fibo retr. zone and consolidating at the range bound zone. On the upside, the hike above $120 mark would reduce the immediate downside pressure and allow extended recovery towards $130- 135 handle.
On the daily charts, the LTCUSD pair still struggling to break the daily strong resistance zone. Also, if the LTCUSD pair failed to sustain the $110 levels than a downward pull towards $105- 107 level could be seen.
The relative strength index(14) value is below 50 which means Sell in daily timeframe.
The MACD(12,26) value is -15.04 gives selling signal in daily charts.
Moreover, according to ATR(14), the LTCUSD pair is Less volatile.
The Litecoin has significant daily support near $105 and resistance at $132 level.
LTCUSD Weekly Pivot Point
Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
Classic | 76.87 | 93.44 | 104.75 | 121.32 | 132.63 | 149.2 | 160.51 |
Fibonacci | 93.44 | 104.09 | 110.67 | 121.32 | 131.97 | 138.55 | 149.2 |
Camarilla | 108.39 | 110.95 | 113.5 | 121.32 | 118.62 | 121.17 | 123.73 |
Woodie’s | 74.23 | 92.12 | 102.11 | 120 | 129.99 | 147.88 | 157.87 |
What’s your opinion on the 10-12 April Litecoin Technical Prediction? Let us know in the comment section below.