Litecoin price has risen 0.53 percent to get even closer to the downward sloping resistance line discussed earlier in Short, But With a Tight Stop!. Now at $3.920, Litecoin presents very low-risk trading opportunities to both buyers and sellers. But, like always, following the stop-losses will be the key.
Since Litecoin is at the resistance level, a positive breakout can bring huge gains to the buyers at low risks (by putting a stop-loss, of course) and if it falls, the gains can be enormous while the risk is minimal.
Take a look at the technical considerations of the daily LTC-USD price chart.
Litecoin Chart Structure – Litecoin extends its lower top, lower bottom structure by another day. However, that may change soon as the Bitcoin market is giving positive signals.
Moving Average Convergence Divergence – Even as the MACD and the Histogram remain relatively unchanged, Signal Line has experienced a further drop in its value. While previously it was 0.0320, it is now 0.0123. The MACD and the Histogram have respective values of -0.0670 and -0.0793 respectively.
Momentum – The Momentum