LTC Price Analysis: Hidden Bearish Divergence Shows We May See Lower Prices This Week

By Sunil Sharma
Published September 30, 2021 Updated September 30, 2021
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LTC Price Analysis: Hidden Bearish Divergence Shows We May See Lower Prices This Week

By Sunil Sharma
Published September 30, 2021 Updated September 30, 2021

The Litecoin (LTC) price, unlike most top cryptocurrencies has not been able to breach its June ’21 high [$197.8]. Although some analysts may argue that a break above the July inside bar resistance [$148.1] may be sufficient for a halt of the correction phase, we still feel a need to probe into the lower 4HR time frame for hints into dominant trend direction and likely scenarios.

Let’s dive into it.

LTC price analysis
LTC price analysis

 

The LTCUSDT started a bearish campaign on the 4HR time frame after signaling a hidden bearish divergence on 16 September 08:00, sending the price spiraling down by 24%.

It’s clear the daily time frame shows strong bearish presence, as the on-chart RSI viewed from the 4HR time frame breaks below hidden inside bar support while above the RSI level-75 on 16 September 08:00 and 23 September 20:00.

Efforts by the bulls to restore the uptrend via a bullish divergence on 22 September ’21 04:00 and 26 September 12:00 was not sufficient for the selling pressure.

Recent hidden bearish divergence on 27 September 04:00 shows that we could see lower prices this week.

As the LTC price slowly rise at press time and the RSI approach the level-75, we anticipate a price slump that could exceed the recent support level at $139.70. However, a price surge above the bearish divergence resistance could set the pace for a bullish comeback, as a peek into the daily chart suggest a regular bullish divergence.

Litecoin (LTC) Intraday Levels

  • Spot rate: 148.3
  • Mid–Term Trend [H4]: Slowing Bearish bias
  • Volatility: Low
  • Support: $139.7
  • Resistance: $154.9, 166.6, and $193.0
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
234 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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