Litecoin price update: LTC/USD recovery banks on this double-bottom pattern
|- Litecoin must hold on to the reaction and impact of the double-bottom pattern in order to recover towards $100.
- The prevailing trend is technically bullish but the presence of the sellers cannot be ignored.
Litecoin plunged below $50 as predicted in most of the analyses discussed this week. The tentative support at $54 gave in to the forceful selling pressure. Neither did the next support at $50 help to avert the slide. LTC/USD explored the lows towards $48 before making a shallow recovery above $50.
The formation of a double-bottom pattern is a silver lining for Litecoin. In other words, a blessing in disguise. However, its impact will depend on the bulls’ ability to sustain accrued gains and go all-in with confidence that this time or recovery and $100 is nigh.
Meanwhile, the MACD is below the mean line. The very visible bearish cross suggests that Litecoin will continue to be depressed towards $50. The Relative Strength Index (RSI) suggests that a reversal is in the offing. The RSI is in the oversold (below 30) but gradually sloping upwards. Correction above $54 and $60 hurdles respectively will go a long way in securing the move towards $100.
LTC/USD 4-hour chart
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