Last week, a tug-of-war between bears and bulls over Bitcoin went off at the popular blockchain convention. The fight erupted at BlockCon 2018, the second-largest cryptocurrency conference in the U.S., as a tussle over the cryptocurrency’s future continued to escalate. This time, the fight between the bears and bulls was mainly over Bitcoin’s future.
The ongoing bear run in the cryptocurrency market has resulted in a number of altcoins going through corrections and crashes. But one of the coins that has been having particularly bad times is Litecoin, which has been suffering from an incredible drop of over 80% over the past week. This crash has occurred even though the entire cryptocurrency market has dropped by around 30% in the same time-frame.
There’s a bear market in cryptocurrencies. On one side, there are the bulls — investors, blockchain experts, and venture capitalists with deep pockets. On the other, the bears — people who believe the Bitcoin rally is over. And, between these two groups, there are the bulls’ proxies.Summary of the situation
- Litecoin’s RSI exceeds 30 and indicates overbought territory.
- The Bears are trying to bring down the price of the H&W neckline.
- Litecoin has higher targets at the 20-day exponential moving average at $277.
Litecoin Price Analysis: General price analysis
Litecoin’s RSI has passed the 30 level and is in overbought territory after the currency recovered from the early trading decline. On the daily chart, the currency has just gotten off to a good start – the long candle has moved from yesterday’s closing price of $166 to today’s opening price of $170. Buyers could not resist the concentration of sellers around this price point, forcing the bears to invalidate the uptrend and initiate a pullback to the daily low of $164. The bottom was in the trough pattern, which only corrected to $172 on the 4-hour chart after an upward correction. Still, the battle between the bulls and the bears was not over, with Litecoin’s price action marking a head and shoulders pattern on the 1 hour chart. The upside is at the 24-hour high of $173.35 and the neckline goes through $172.
Litecoin price movement in the last 24 hours: Rollback advances to $143
Bears are trying to push the price of coins down from the neckline of the head and shoulders pattern on the hourly chart. If it manages to break through support at $170, a strong downtrend from this price level could trigger a correction towards the consolidation level below $143. There is temporary resistance at the upper boundary preventing an upward correction to $224. Source: TradingView The bulls must overcome this resistance to gain the necessary momentum needed to break through the important psychological barrier at $200. If the Litecoin price fails to gain support from the broader market and activate the demand zone between $175 and $180, it could falter below $145 and confirm the next bearish support at $131.
Litecoin price chart at 4 hours : Head tip wedge
At the time of writing, Litecoin has broken out of the head-and-shoulders pattern and has now formed a bearish wedge from the top of the head. The currency is hovering between $169 and $170, a critical danger zone that could trigger a correction to lower support. The downside pivot points start at $143 and end at last week’s right shoulder at $163. The lack of buyer action could trigger a bearish pullback to even lower levels, such as the market low of 23. May at $117. At the time of the Litecoin price analysis, LTC is trading at $169 against the US dollar. Source: TradingView
Litecoin Price Analysis Number: Suppliers in the control system
Litecoin has higher targets at the 20-day exponential moving average at $277. If the bulls can keep the price action above $200, there is a good chance they will reach the 20-day EMA, which is a concentration camp for sellers. However, price could pull back to the $200-280 range even if the bulls manage to keep things under control over the weekend. Overall, the Litecoin price analysis is bearish, but a break above $185 is the first sign of an uptrend. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or seek advice from a qualified professional before making an investment decision.On May 1st, LTC was trading at $153.86 and it has been pushing up ever since. The increase has been fueled by a tug-of-war between bulls and bears. On one side, there are those who feel that the size of the LTC market cap is too small, which is why they consider LTC to be the next Bitcoin. On the other, there are bigger guys, who don’t want LTC to grow that much.. Read more about btcthb and let us know what you think.
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