Disclaimer: The findings of the next article are the only real opinion of the author and shouldn’t be taken as funding recommendation
The cryptocurrency market has been witnessing a wave-like motion. After the rally was stopped within the Bitcoin market, the altcoins additionally witnessed downtrends. Litecoin has additionally been witnessing steady shopping for and promoting amongst merchants, giving an opportunity to reap marginal earnings
At press time, Litecoin was being traded at $72.16, whereas its market cap remained at $4.74 Billion.
Litecoin 1-hour chart
The above hourly chart of Litecoin was noting a price rise enclosed in an ascending channel. Because the price moved upwards, there was promoting stress out there. This promoting stress provided a possibility to set a brief place to reap earnings.
The price of LTC was going through resistance at $72.62, and it already returned again from this level, at press time. The Bollinger Bands have been indicating rising volatility out there, together with it the market famous a stage of bullishness. Nevertheless, as push and pull proceed out there, the price may expertise a minimal drop in price.
This was additionally affirmed by the Relative Power Index. the RSI was additionally heading in direction of the overbought zone however met with resistance. The sign was pointed decrease which meant there may very well be a drop within the price of LTC, because the sign approached a stage of equilibrium. In the meantime, the assist remained robust at $68.52.
Entry for a brief place: $72
Take Revenue: $68.51
Cease Loss: $73
Threat/Reward Ratio: 2.84
Earlier than rising additional inside the ascending channel, LTC may witness its price fall. This may very well be an opportune time for merchants to open a brief place at $72 and make a revenue at $68.51. The price may additional discover an increase as the general pattern remained a bullish one.