Litecoin: Expect a shortlived bounce
- LTC drops below key trendline.
- Bounce expected, may not sustain.
Litecoin, the crypto like a good desciple, followed other majors and broke down on the key levels and below trendline support on the medium term chart, all the way towards lower end of the bollinger bands.
LTC/USD is up nearly 2 percent on day at $42.53, just a tad below the high point of the day. On the 720-minute chart, LTC broke down of a key support line this week, following all the other major cryptocurrencies such as BTC, ETH, BCH, in a sign that the bear market that started at the start of this year for the crypto world, has not yet ended.
There is expected to be a bounce, just like today, which may extend to the middle of the bollinger bands, co-inciding with the very trendline support broken by the bears this week, around $47 that is.
LTC/USD 720-minute 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.
