Technical Analysis of Daily Price Movement of Litecoin Cryptocurrency, Friday September 08, 2023.
September 8, 2023 7:26 am
On the daily chart of Litecoin Cryptocurrency looks like seller still dominates, where this thing is seen by:
1. The price movement of Litecoin is below Kumo and Senkou Span A is below Senkou Span B.
2. Tenkan Sen (red) & Kinjun Sen (blue) which still intersect the Death Cross and are under Kumo.
3. Chikou Span (green) is below the price movement and below the Kumo.
4. The CCI indicator managed to break below its three main levels (100, 0, & -100).
5. The price movement is moving in a downward swooping channel.
From these five things, it can be concluded that Litecoin on its daily chart is really in a fairly strong bearish condition so that in the next few days Litecoin will try to break below level 62.49. If this level is broken then level 57.30 will be the next target to be aimed at. However, if on its way to these levels Litecoin is suddenly corrected upwards quite significantly, especially if it manages to penetrate above level 73.99, then all the weakening scenarios that have been described previously will automatically cancel themselves.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the daily chart of Litecoin Cryptocurrency looks like seller still dominates, where this thing is seen by:
1. The price movement of Litecoin is below Kumo and Senkou Span A is below Senkou Span B.
2. Tenkan Sen (red) & Kinjun Sen (blue) which still intersect the Death Cross and are under Kumo.
3. Chikou Span (green) is below the price movement and below the Kumo.
4. The CCI indicator managed to break below its three main levels (100, 0, & -100).
5. The price movement is moving in a downward swooping channel.
From these five things, it can be concluded that Litecoin on its daily chart is really in a fairly strong bearish condition so that in the next few days Litecoin will try to break below level 62.49. If this level is broken then level 57.30 will be the next target to be aimed at. However, if on its way to these levels Litecoin is suddenly corrected upwards quite significantly, especially if it manages to penetrate above level 73.99, then all the weakening scenarios that have been described previously will automatically cancel themselves.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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