Litecoin Price Technical Analysis (Oct. 24): Going Down with a Shooting Star Pattern?

When looking at the chart below, we can see that Litecoin (LTC)trade is currently trading at $50.07. The cryptocurrency price has broken out of the channel and broken the support of $52 and found a new support at $48 with resistance at $ $50.5.

Litecoin’s price is trading around its support level and we see formation of a shooting star pattern which is bearish reversal pattern. So the price is expected to touch the support again. Long position can be taken around support for swing trading.

Litecoin Graph October 24

Dow Theory

According to Dow Theory, the LTC price is in the panic phase. In this phase, distressed selling takes over from those who believe that the worst is yet to come or are forced to liquidate. This phase is followed by the accumulation phase in which informed investors take long positions.

Litecoin Dow Theory October 24

Bollinger Bands

The price is moving between the channels with the lower channel limit acting as support and the middle average line acting as resistance. It is clearly observed that the channel is shrinking after expansion and the RSI is above the oversold region. This indicates decreased volatility with neutral sentiments, so the price might be stuck between the channels.

AllStocks Cryptocurrency Exchange
Litecoin Bollinger Bands October 24

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bearish crossover is seen; yet, Litecoin’s price is moving above the 9 period moving average and below the 21 period moving average.

This indicates a room for an uptrend, but only after some positive sentiments. Therefore, long positions can be taken after the price touches the support or breaks the resistance.

Litecoin Moving Average October 24

Conclusion

Looking at the present chart, we see that Litecoin (LTC)trade is currently trading at $50.07; the support level is at $48 with the resistance level at $ $50.5. The cryptocurrency’s price seems to be struck between the channels.

Swing trading can be done using the above mentioned levels. The price is expected to touch the support level again. Long position should not be taken at this price. A day close above $51 can again take the price back to the previous channel and level. A day close below support from here can drag the price below to $44 levels.

Pivot Points

Name S3 S2 S1 Pivot
Points
R1 R2 R3
Classic 44.370 47.770 50.736 54.136 57.102 60.502 63.468
Fibonacci 47.770 50.202 51.704 54.136 56.568 58.070 60.502
Camarilla 51.950 52.534 53.117 54.136 54.285 54.868 55.452
Woodie’s 44.152 47.661 50.518 54.027 56.884 60.393 63.250

Technical Indicators

Name Value Action
RSI(14) 35.611 Sell
STOCH(9,6) 20.074 Sell
STOCHRSI(14) 0.000 Oversold
MACD(12,26) -4.646 Sell
ADX(14) 31.240 Sell
Williams
%R
-95.466 Oversold
CCI(14) -124.9325 Sell
ATR(14) 12.1964 Less
Volatility
Highs/Lows(14) -15.2374 Sell
Ultimate
Oscillator
35.888 Sell
ROC -50.257 Sell
Bull/Bear
Power(13)
-33.2540 Sell
AllStocks Cryptocurrency Exchange

Source

If You Liked This Article Click To Share

CryptoX Portal

Spread the love

Related posts

Leave a Comment