FxWirePro

LTC/USD shooting star plummets price, dragonfly doji counters

BITFINEX:LTCUSD   Litecoin / Dollar
Shooting star and Gravestone doji patterns have occurred at 228.980 and 218.360 levels respectively.

As a result, considerable price slump has occurred ever since the occurrence these bearish patterns and signal further weakness in the minor trend.

While both leading oscillators substantiate bearish indications offered by above-stated candlestick patterns.

For now, break below 7DMA likely to drag more price slumps.

Strong supports are seen at $210.6686 (i.e. 7DMA) and $194.782 levels where this pair has acted as support and resistance in the recent history.

On the contrary, in the major trend, dragon fly doji is spotted out at $148.920 levels which is bullish in nature.

Consequently, the bullish doji evidences upswings above EMAs, while technical indicators are yet to confirm the bullish indication although RSI shows little strength in prevailing uptrend on weekly terms.

Current prices jumped above EMAs and likely to extend upswings only upon confirmation from EMAs, MACD and stochastic curves.

Aggressive traders can buy on intraday trading terms $235 levels, while major uptrend should wait for the better clarity from both leading and lagging indicators.

Currency Strength Index: FxWirePro's hourly USD spot index is flashing at 63 (which is bullish ahead of today’s US preliminary GDP data print) while articulating (at 06:16 GMT             ).
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