Litecoin Price Analysis: LTC/USD freefall to $60 seems imminent
|- Litecoin bulls are fighting to save the two-months uptrend in an upward channel.
- Litecoin kick starts sideways trading action after defending 61.8% Fibonacci retracement level.
Spot rate: $72.27
Relative change: -135
Percentage change: 1.36%
Trend: Strongly bearish
Volatility: Shrinking
LTC/USD daily chart
Litecoin recently climbed several barriers including $70 and $80. Although the focus was on $100, the high formed at $84 marked the end of the rally. The price has retreated to $72, besides the bulls are fighting to keep LTC above $70. The 50 SMA cross above the 100 SMA suggests that the buyers have not lost balance entirely as their influence is still present but lagging.
LTC/USD 4-hour
Litecoin price defends the 61.8% Fib level support of the last swing high at $84 to a swing low at $38.76. Sideways trading kicks off with the RSI attempting recovery above 30. The resistance at $75 must come down to allow bulls to focus on breaking higher levels at $80, and $100 respectively.
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