Litecoin Trading- LTC/USD Technical Analysis, Sept 2: $4.65 support tested
Litecoin (LTC/USD) continues to struggle, continuing its latest pattern of 18-24h of flat trade followed by another steep drop. 12h ago, LTC fell by over 6% and is now trading at $4.67. This represents one of LTC's short-term support levels, first set 10 days ago.
It appears likely that this mark will be broken within the next 72h. The gradual bleeding has been ongoing for 6 days with little reason to expect a reversal until the next traumatic drop. The major declines from 2 weeks ago have already set a lower precedent. And the aforementioned pattern of declines has yet to be interrupted by any pattern of bottoming. In the recent past, LTC has demonstrated its propensity to slowly gravitate back toward newly set lows following a big bounce.
The slide is moving in near-perfect harmony with its 50-day moving average, which has now dropped to $6.50. Based on its current price, it continues to trade at a 30% discount to this level.
Against Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, LTC indeed closed out August trading at 0.01- a previous assessment which at the time, may have seemed outlandish. The Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term last month had the pair trade as high as 0.013 and as low as 0.0079. Today, it has fallen to 0.098 and is facing a similar prognosis to its USD-denominated counterpart as LTC has recoupled its movements with BTC.
USD-denominated volume is about average for these days: 10,000-20,000 LTC per hour.
Litecoin (LTC/USD) continues to struggle, continuing its latest pattern of 18-24h of flat trade followed by another steep drop. 12h ago, LTC fell by over 6% and is now trading at $4.67. This represents one of LTC's short-term support levels, first set 10 days ago.
It appears likely that this mark will be broken within the next 72h. The gradual bleeding has been ongoing for 6 days with little reason to expect a reversal until the next traumatic drop. The major declines from 2 weeks ago have already set a lower precedent. And the aforementioned pattern of declines has yet to be interrupted by any pattern of bottoming. In the recent past, LTC has demonstrated its propensity to slowly gravitate back toward newly set lows following a big bounce.
The slide is moving in near-perfect harmony with its 50-day moving average, which has now dropped to $6.50. Based on its current price, it continues to trade at a 30% discount to this level.
Against Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, LTC indeed closed out August trading at 0.01- a previous assessment which at the time, may have seemed outlandish. The Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term last month had the pair trade as high as 0.013 and as low as 0.0079. Today, it has fallen to 0.098 and is facing a similar prognosis to its USD-denominated counterpart as LTC has recoupled its movements with BTC.
USD-denominated volume is about average for these days: 10,000-20,000 LTC per hour.