Litecoin Price Technical Analysis for 8/3/2015 – Warming Up!

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Litecoin price ranged between $1.89 and $1.95 throughout yesterday’s trading sessions. Litecoin charts seem to be mirroring what’s happening on bitcoin’s charts. Accordingly, it seems that litecoin price will likely rise especially that our bitcoin analysis anticipates a bullish wave during the next 24 hours.

By examining the 4 hour Bitfinex (LTC/USD) chart from tradingview.com and plotting the William’s Alligator indicator accordingly (look at the below chart), we can conclude the following:

• Since the new uptrend started pushing litecoin price upwards on the 27^th of February, we have been noticing a recurrent pattern characterized by a short lived bullish rally followed by a longer downward price correction wave. We can now spot a rising support level (look at the upwards sloping green trend line on the below chart) which reflects the current bullish wave.
• As shown on the below chart, we can spot a recurrent triangle-like pattern as shown by the greenish and reddish arrows. Accordingly, if the pattern continues, we expect litecoin price to rise to $1.98-$2.00 within the next couple of days then drop downwards as the price correction wave pulls down the price to touch the new rising support level.
• The SMAs of the William’s Alligator indicator don’t exhibit a bullish alignment, but this is expected to change before a bullish wave is evident.

By studying the 1 day bitfinex (LTC/USD) chart from tradingview.com, plotting the MACD and Vortex indicators (look at the below chart), we can notice the following:

• The MACD indicator has just entered the positive territory; however, we expect to see the blue MACD line cross above the red signal line during the next few hours before a bullish rally is noticeable.
• The Vortex indicator is in favor of a bullish rally today as the blue uptrend line has crossed above the red downtrend line and the gap between both line is relatively wide.

Conclusion:

Litecoin price increased yesterday to print a high of $1.95.Our technical analysis is in favor of a further advance to $1.98 within the next 24 hours.

Charts from bitfinex