Litecoin Price Analysis: LTC/USD short term bearish bias risks the support at $65 and $60
|- Litecoin price retests the $70 resistance zone in a bid to open the door for gains towards the coveted $100.
- Short-term analysis of Litecoin price maintains a bearish bias as bears fight to force the price under $65 and $60 zones.
LTC/USD daily chart
Litecoin price is trading above a long term descending trendline resistance.
The narrowing gap between the 50-day SMA and the 200-day SMA hints that bullish pressure is not only present but also gaining traction.
LTC/USD 2-hour chart
The Bollinger Band 2-hour upper curve resistance proves impenetrable as LTC/USD slides to seek balance towards $65 short term support.
Litecoin bulls refuse to be discouraged, the RSI maintains the position within the overbought despite the correction.
LTC/USD 1-hour
In the short term, Litecoin has a bearish bias as observed using the Elliot Wave Oscillator. The indicator is on its fifth consecutive bearish session. A short term trendline could offer support and stop the decline to $65 and $60 respectively.
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