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02.12.14 – Litecoin – Update

Price at BTCe in tight range | 4HR time interval

Since 29.11.14 price has been consolidating between $3.52 20MA Lower BB and $3.58 20MA Upper BB.

On the long side: A strong breach above $3.58 (red dotted line) may lead price to test $3.65 200MA overhead resistance (pink dotted line). If the latter is overtaken with conviction, then possibilities will increase to test $3.76 technical resistance (light blue dotted line) where the recent breakdown was confirmed on 20.11.14.

On the short side: If price manages to paint a confirmation below $3.52 (green dotted line), it may continue downwards to test $3.46 technical support (orange dotted line). It has to be noted that the latter has been double tested, first on 22.11.14 and again on 28.11.14, providing strong support both times. On the possibility of price violating this support, then the next possible target will be at 200MA lower BB, currently at $3.37 (blue dotted line).

021214 - BTCe - LTCUSD

02.12.14 – BTCe – 4HR Candlestick Chart

Overall: Bollinger bands have contracted, indicating that the next possible move is getting closer. RSI has been flat for almost 60 hours. MACD is flat but still positive. Finally, Stochastic is elevated but not overbought, painting mixed to positive signals.

Possible Scenarios:

Long Price Setup: On a confirmed break above $3.58 – Price Target $3.76 | Probability: 44%
Neutral Price Range: $3.52-$3.58 | Probability: 21%
Short Price Setup: On a confirmed break below $3.52 – Price Target $3.37 | Probability: 35%

Our Stance: Neutral to long.


Price at Huobi in tight range | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥22.21 – Target ¥26.41 | Probability: 44%
Neutral: Price Range ¥21.90-¥22.21 | Probability: 21%
Short: On a confirmed break below ¥21.90 – Target ¥20.82 | Probability: 35%


Price at OKCoin in tight range | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥22.21 – Target ¥26.69 | Probability: 44%
Neutral: Price Range ¥21.88-¥22.21 | Probability: 21%
Short: On a confirmed break below ¥21.88 – Target ¥22.80 | Probability: 35%


Price at Kraken in tight range | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above €2.90 – Target €3.29 | Probability: 44%
Neutral: Price Range €2.80-€2.90 | Probability: 21%
Short: On a confirmed break below €2.80 – Target €2.72 | Probability: 35%

 

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