22-24 December Litecoin Technical Prediction: LTCUSD Forecast


Litecoin made a new all-time high above $400 in mid-December and making the healthy correction now. Here is the 22-24 December Litecoin Technical Prediction.

22 December, AtoZForex – Litecoin price dropped more than 20% to $229.75 in 24 trading hours. The market cap currently is holding at a steady US$12.50B with nearly US$1.8 billion in trading volume over the past 24 hours. Also, the price touched the 24 hours low of $161.86. Is it a good time to invest in Litecoin?

22-24 December Litecoin Technical Prediction

According to the charts, a bullish Morning Doji star candlestick pattern was observed when means during a downtrend, the market strengthens the bearish trend with a long black candlestick. Moreover, the second candlestick trades within a small range and closes at or near its open. Hence, this scenario shows the potential for a rally, as many positions have been changed.

Moreover, an upside gap three method candlestick pattern is being observed in one hour chart which confirms the bullish continuation after the correction.

According to the charts, the Litecoin (LTCUSD) price crossed the 0.23 Fibo. retr. level after the correction again and touched the golden ratio zone which means a considerable upside move might be observed from this point.

Moreover, the 100 SMA line above 200 SMA means the path of least resistance is the upside. The Litecoin price is trading below 38% Fibo. Retr level.  I recommend buying between Fibo. retr. 38% and 50% i.e $250- $270 level.

The relative strength index(14) value is above 50 which means buying opportunity. 

The MACD(12,26) value is 40.830 gives buying signal in weekly charts.  

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

The Litecoin has strong weekly support near $150 level and resistance at $435 level.

LTCUSD Weekly Pivot Point

NameS3S2S1Pivot PointsR1R2R3
Classic4.91155.88286.44437.41567.97718.94
Fibonacci4.91112.45178.9286.44393.98460.43567.97
Camarilla229.44255.25281.05286.44332.67358.47384.28
Woodie’s10.02166.1291.55447.63573.08729.16

 

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