Litecoin Price has been ranging between $3.20 and $3.70 since last Thursday, which reflects the low volatility of the market currently, as opposed to the high volatility we witnessed during the last week of October. Litecoin price printed $3.4 at the time of writing of this analysis and signs of an upcoming uptrend started to emerge.
5 Bullish Candles on the 1 Hour Charts:
By analyzing the (LTC/USD) 1 hour charts from Bitfinex (look at the below chart), keeping the Fibonacci resistance fan we plotted on last Thursday’s analysis and plotting the 20, 50 and 100 EMAs; we can conclude the following:
- We can now spot a new price correction downside trend line (the red trend line on the below chart), which is of a less steeper slope when compared to the trend line we spotted on Thursday’s chart. The rate of fall of litecoin price dropped which led to a “psuedo” side-ways movement on the 1 hour charts, which reflects indecisiveness of the market near $3.45 which corresponds to the 25% Fibonacci retracement level.
- Today’s trading sessions had relatively high buying volumes which led to formation of 5 successive bullish green candlesticks that pushed litecoin price above the 20 and 50