Litecoin Price Technical Analysis for 20/8/2015 – New Low On Strong Volume

Litecoin is currently trading up 1.66 percent at $3.489 as the Bitcoin market looks to settle near the crucial support of $220.

However, this is not the complete story. As bears went berserk, Litecoin dived to a fresh 1-month low of $3.160, much closer to my monthly target of $3.000, before bouncing back. The volume registered on the decline was far greater than on the rebound.

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But, will this rebound sustain? Let us find out what the latest technical indications are.

Litecoin Chart Structure – While the dead-cat bounce may extend further, I see it facing renewed selling pressure near the previous lows in the vicinity of $3.800. As for a bottom, it is better to adopt a wait and watch approach.

Moving Average Convergence Divergence – MACD has succumbed to yet another low of -0.1657, Signal Line has dropped to -0.1001 while the Histogram has slumped to -0.0655. The first bullish sign would be the positive crossover of MACD and Signal Line.

Momentum – The Momentum indicator is showing a value of -0.4102.

Money Flow Index – The

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