Litecoin Horoscope for 11/8/15: Price Correcting Weakly, Testing Resistance

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ForexMinute.com — After establishing its floors upon the last week’s decline, the Litecoin price is lazily retracing upwards, with a very little buying pressure supporting the build. A part of this weak uptrend has been influenced by the Bitcoin price’s action which, too, has bounced back, though not sharply.

By saying so, the said uptrend is still serving 3.950 fiat as its in-term resistance level. On the downside, 3.712 fiat seems like a strong in-term support ever since it has protected the price from falling into a grave bearish region. We will therefore be watching these levels today, while churning out our low-risk scalp strategy. Have a look:

Litecoin 4H Chart

Litecoin Horoscope for 11/8/15: Price Correcting Weakly

The 4H BTC-e chart today shows Litecoin in a strong bearish channel, for the price is still having troubles moving upward and test its 50-H SMA. The 4H RSI, meanwhile, has risen to 50 — right on the doors of a neutral scenario. The MACD, on the other hand, is maintaining its negative bias by staying below the normal line.

At this point of time, we can also see price testing the in-term resistance level. In case it rises above it, it would validate 4.031 fiat as our medium-term upside target. A further upside correction, and we would also put a long towards 4.137 as our primary upside target. Though on all these trades, our stop loss will be near 3.919 fiat would help us exit the market on a small loss, in case the bullish correction dries up.

Looking at the other way around, a run towards the temporary support line near 3.791 fiat would have us put a short towards the in-term support level. A further breakdown will bring 3.628 fiat in sight, which would also offer some attractive low risk, profit-making opportunities. On this trade, our stop loss will stick to be near 3.756 fiat.