Litecoin Price Technical Analysis for 2/10/2015 – A Breakout is Coming!

Litecoin is trading on a bearish note as it loses 1.07 percent since yesterday to trade at $2.947.

But, let us quickly visit the latest price action, the technical indications and finally, reach a conclusion which may help traders during weekend trading.

litecoin price chartlitecoin price chart

Litecoin Chart Structure – Upon taking a closer look at the daily LTC-USD price chart, one can find that for the past 3 sessions, Litecoin has been trading in a contracting range where the upsides have been shrinking while the base remains the same.

The range has narrowed considerably and a breakout is well on its way. There are better chances of an upside breakout during the weekend. However, if the base is violated, expect a decline to $2.830, at which another strong support will come into effect.

Moving Average Convergence Divergence – The Histogram remains positive with a value of 0.0336. The MACD and the Signal Line are taking their time to erase the losses – this is another technical reason which is pulling down Litecoin. MACD has a value of -0.0146 while Signal Line has a

Read more ... source: NewsBTC USA