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19.12.14 – Litecoin – Update

Price at BTCe in consolidation | 4HR time interval

On the long side: Temporary resistance is set at $2.88 (white dotted line) and still holds. A strong break above this level may lead price to test $2.96-$3.04 resistance zone (double orange line area). It is estimated that a continuation above this zone, will significantly increase possibilities for price reaching near term resistance at $3.20 (pink dotted line).

On the short side: During the last two days, price has established temporary support at $3.71, which has been tested four times and proven firm. Our models suggest that a confirmation below will drive price to retest the impulsive low at $2.59 that was hit on 16.12.14.

191214 - BTCe - LTCUSD

19.12.14 – BTCe – 4HR Candlestick Chart

Overall: Recent downtrend has produced many resistance levels. A combination of factors is required to assist a healthy ascending movement. At the time of writing, RSI still holds a positive divergence. MACD has managed to stabilize, but is still deep under and the recent positive signal is not yet convincing. However, Stochastic is a bit concerning, while it has been testing and retesting overbought territory for the past 44 hours.

Possible Scenarios:

Long Price Setup: On a confirmed break above $2.88 – Price Target $3.04 | Probability: 36%
Neutral Price Range: $2.71-$2.88 | Probability: 32%
Short Price Setup: On a confirmed break below $2.71 – Price Target $2.59 | Probability: 32%

Our Stance: Conservative towards long exposure due to mixed signals.


Price at Huobi in consolidation | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥18.00 – Target ¥19.27 | Probability: 36%
Neutral: Price Range ¥17.40-¥18.00 | Probability: 32%
Short: On a confirmed break below ¥17.40 – Target ¥16.51 | Probability: 32%


Price at OKCoin in consolidation | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥18.07 – Target ¥19.25 | Probability: 36%
Neutral: Price Range ¥17.41-¥18.07 | Probability: 32%
Short: On a confirmed break below ¥17.41 – Target ¥16.51 | Probability: 32%


Price at Kraken in consolidation | 4HR time interval

Possible Scenarios:

Long: On a confirmed break above €2.45 – Target €2.55 | Probability: 36%
Neutral: Price Range €2.32-€2.45 | Probability: 32%
Short: On a confirmed break below €2.32 – Target €2.05 | Probability: 32%

 

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