Litecoin Price Technical Analysis for 31/7/2015 – Bounces Off Support

As expressed in Heads South, Litecoin has bounced off from near the support level of $4.360. It was earlier advised that the latest correction is a low-risk buying opportunity. Litecoin is presently trading up 1.77% at $4.650.
Market participants must also note that a bigger decline may be in store for Bitcoin, which is apparently leading Litecoin.
Interestingly, none of the technical indicators overlaid on the daily LTC-USD price chart point to bearish connotations for Litecoin. All remain firmly positive or stable.
Litecoin Chart Structure – In yesterday’s session, Litecoin continued its decline to $4.400, much closer to the said support of $4.360, before it regained its lost ground and hit $4.703 in the follow-up short covering.

This post was published at NewsBTC on July 31, 2015.