Litecoin (LTC) trading cryptocurrency market update for Aug 6, 2019

Aug 7, 2019 --- Blog

Litecoin (LTC) trading cryptocurrency market update for Aug 6, 2019

3 Day Chart

The post-halving bloodbath in Litecoin v's Bitcoin  continues today as price has dropped back down to last week's lows below 0.0080 on another red SCMR signal and bearish candle formation that is keeping market structure broken and heavy while multiple levels of dynamic resistance actively build overhead, all despite the upper demand area around current levels, so we think lower prices are in the cards moving forward. The fact that the EMA's are still moving lower, the 50 SMA is about to cross below the now bearish 200 SMA (death cross), the volume indications are deteriorating, and the Ichimoku Cloud continues to thin all support the idea of new regional lows below 0.0079 over the coming days, although much stronger historical support resides in the low to mid-0.007's which is where we'll start to watch closely once again. 

Litecoin v's USD  remains a bit of a mess for the time being considering that SCMR is now printing a neutral signal on a lackluster candle formation following the hodgepodge of signals we saw over the past week while short-term market structure remains uncertain, all pointing to more sideways action moving forward. The extremely mixed state of the moving averages, the fact that we still have active dynamic support and resistance dots around the market, and the momentum and volume indications being fairly neutral also confirm the consolidative nature of the current market, therefore we think price stays between 85 - 105 $ for the foreseeable future. 

 

Short term Members ProTrade - No trade idea right now

Medium term Members ProTrade - No trade idea right now

Long term Members ProTrade - We will consider a LONG position on a selloff down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.0xx.

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