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19.11.14 – Litecoin – Update

Price at BTCe testing 100MA support | 4HR time interval

For the past 12 hours, price has been testing the 100MA support at $3.72.

On the long side: Price needs to paint a confirmation above near term resistance at $3.84. This will possibly lead to a retest of the recent double rejection area at $3.94 (15.11.14 and 17.11.14). Our models estimate that if $3.94 gets violated to the upside with good volume and positive momentum signals, then $4.05 is a quite probable upper target.

On the short side: A 5MA negative cross under the current 100MA support at $3.72 will increase the possibilities of price reaching lower values. The next identified support area is at $3.66, where the recent breakout to the upside occurred. If price manages to break below $3.66, then it may possibly test $3.52 which serves as a strong technical support.

191114 - BTCe - LTCUSD

19.11.14 – BTCe – 4HR Candlestick Chart

Overall: Price action is not convincing yet. This is confirmed by the overall indicator signals. RSI is on a continuous downtrend since the recent peak (on 13.11.14) and needs to paint a bottom. MACD has entered negative momentum territory, currently signalling possible further weakness. Finally, the Stochastic is still weak without showing any signs of significant reversal.

Possible Scenarios:

Long Price Setup: On a confirmed break above $3.84 – Price Target $4.05 | Probability: 38%
Neutral Price Range: $3.72-$3.84 | Probability: 22%
Short Price Setup: On a confirmed break below $3.72 – Price Target $3.52 | Probability: 40%

Our Stance: Neutral to bearish. Will reverse if confirmed by momentum.


Price at Huobi testing 100MA support | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥24.50 – Target ¥25.23 | Probability: 38%
Neutral: Price Range ¥22.94-¥24.50 | Probability: 22%
Short: On a confirmed break below ¥22.94 – Target ¥21.66 | Probability: 40%


Price at OKCoin testing 100MA support | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥24.56 – Target ¥25.23 | Probability: 38%
Neutral: Price Range ¥22.94-¥24.56 | Probability: 22%
Short: On a confirmed break below ¥22.94 – Target ¥21.69 | Probability: 40%


Price at Kraken testing 200MA support | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above €3.15 – Target €3.22 | Probability: 38%
Neutral: Price Range €2.99-€3.15 | Probability: 22%
Short: On a confirmed break below €2.99 – Target €2.80 | Probability: 40%

 

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