Litecoin: Bounce or hibernate for the bulls
- LTC at a critical point on the charts, do or die for the bulls.
- Bounce a must, fall below would be fatal.
Litecoin, the coin that rallied the most last week after a breakout on the long term chart, is now on the verge of losing its relevance as the price is sitting exactly on the same trendline which it broke out of to be biggest gainer in the last week's rally. (Read last week's article here)
LTC/USD is down just about a percent at $77.386, exactly at the middle point of the day's range. On the 720-minute chart of LTC, after the breakout last week that led the prices to double, now risks falling back below the very ascending trendline.
A bounce is expected to say the least, but whether the bounce sustains or not is a key question. What may come to the rescue of the bulls immediately are 21 days SMA ($75.51) and EMA ($76.548). Although golden cross is still relevant, that may provide some help if prices fall too steep and deep.
LTC/USD 720-minute chart:
LTC/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
