LTC dips below key support level versus BTC, USD, EUR [Video]
|It's Monday, October 23rd, I'm Kiana Danial, CEO of Invest Diva with NewsBTC and here is your crypotocurrency update. Litecoin price has broken below the daily Ichimoku cloud, testing the 56.93 pivot level as traded versus the USD. The pivot level falls on the 38% Fibonacci retracement level, which retraces Litecoin's long uptrend between April to September this year. After reaching the all-time high level of 98.18, LTC/USD dipped down to 33.68 in a matter of two weeks in September. With the recent break below the Ichimoku cloud on the daily setup, we could expect another visit of the key support level of 46.78 in the coming months. The pair's drops this time-around could also partially be attributed to the USD strength across major counterparts. However, Litecoin's price has also weakened against other currencies including EUR and Bitcoin. Versus BTC, LTC has broken below the key support level of 0.0099, indicating further potential drops towards the 61% Fibonacci retracement level of 0.0070. This comes after a growing number of miners moving away from Bitcoin Cash and instead, mining Litecoin beginning of October. However, the explosion of Bitcoin above and beyond $6,000 might have made them change their minds. Thanks for watching, invest responsibly, and I'll see you with more updates tomorrow.
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