Litecoin Price Analysis: LTC/USD bumpy ride stalls at $75 as bears swing in action
|- Litecoin bulls risk losing control entirely to the bulls, especially if the support at $70 is broken.
- The 50 SMA is in line to offer support if the key ascending channel support gives to selling pressure.
Spot rate: $73
Relative change: -.2392
Percentage change: -1.67%
Trend: Bullish bias
Volatility: High
LTC/USD daily chart
Litecoin price lock-step upward trend stalls at $75, leaving room for the bears to breathe.
The formed rising wedge pattern hints that a reversal could be imminent in the near term.
LTC/USD 4-hour chart
Litecoin price sustains the uptrend in an ascending channel in spite of the up and down movements.
If the ongoing slump bounces off the channel support, LTC/USD could resume the uptrend above $75.
LTC/USD 1-hour chart
Litecoin is trading between the 50 SMA resistance and the 200 SMA support.
The main resistance at $75 must come down for Litecoin bulls to focus on higher levels towards $100.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.