BTC / USD
23,021.15
0.63%
(-145.46)
ETH / USD
1,576.79
1.31%
(-20.85)
XRP / USD
0.40
1.71%
(-0.01)
LTC / USD
95.61
1.19%
(+1.12)
EOS / USD
1.03
3.56%
(-0.04)
BCH / USD
131.55
2.45%
(-3.31)
ADA / USD
0.38
4.01%
(-0.02)
XLM / USD
0.09
2.84%
(-0)
NEO / USD
8.00
2.61%
(-0.21)
XEM / USD
0.04
0.03%
(0)
DASH / USD
59.87
0.33%
(-0.2)
USDT / USD
1.00
0%
(0)
BNB / USD
309.12
1.49%
(-4.66)
QTUM / USD
2.59
4.81%
(-0.13)
XVG / USD
0.00
1%
(-0)
ONT / USD
0.20
2.83%
(-0.01)
ZEC / USD
44.90
1.82%
(-0.83)
STEEM / USD
0.19
1.04%
(-0)

Litecoin Price Bleeds, Why The Bulls Could Stay On Sidelines

0

Litecoin price started a fresh decline from the $80 resistance against the US Dollar. LTC is struggling and remains at a risk of more losses towards the $55 support.

  • Litecoin started a fresh decline from the $85 resistance against the US Dollar.
  • The price is now trading below $70 and the 100 simple moving average (4-hours).
  • There was a break below a key contracting triangle with support near $75.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
  • The price could continue to move down towards $55 in the near term.

Litecoin Price Turns Red

This past month, litecoin price saw a strong increase above the $70 level against the US Dollar. LTC price was able to clear the $80 resistance level, outperforming both bitcoin and ethereum.

However, the bears remained active near the $85 zone. There was a topping pattern formed near the $85 level before the price started a fresh decline. There was a clear move below the $80 and $78 support levels. Besides, there was a break below a key contracting triangle with support near $75.00 on the 4-hours chart of the LTC/USD pair.

Litecoin price is now trading below $70 and the 100 simple moving average (4-hours). A low is formed near $61.67 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $66.00 level. It is near 23.6% Fib retracement level of the recent decline from the $79.80 swing high to $61.67 low. The first major resistance is near the $70.00 level.

Source: LTCUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $79.80 swing high to $61.67 low is also near $70. If there is a clear break above the $70 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $75 and $78 levels. Any more gains might send ltc price towards the $80 resistance zone.

More Losses in LTC?

If Litecoin price fails to clear the $70.00 resistance level, there could be more losses. An initial support on the downside is near the $61.60 level.

The first major support is forming near the $60.00 level. Any further losses may perhaps send the price towards the $55.00 support in the coming sessions.

Technical indicators:

4-hours MACD – The MACD is slowly gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.

Major Support Levels – $60.00 followed by $55.00.

Major Resistance Levels – $70.00 and $75.00.

Leave A Reply

Your email address will not be published.