Litecoin price analysis: Bears rejoice as Litecoin breaks down in the short as well as long term charts
- Rising channel breakdown in short term.
- Critical support breakdown in long term.
Litecoin investors and traders have a tough time dealing with this fall on Friday. The price has broken down of a rising parallel channel in the short term charts. If that wasn't enough, bears have got icing on the cake in the form of price breaking down of rising trendline support in the long term too.
LTC/USD is trading nearly 6 percent lower on day at $139.66, not recovering enough from day's low of $137.2692. What's ailing the bulls is double breakdown - on 240-minute chart, price broke down of higher high, higher low rising channel and on the daily chart, price broke down of critical long term support line and a close below it for the day would be very negative for the prices.
Immediate strong resistances are now placed at $149 and $155 while support is at $130. Support for the bulls? Overosld RSI on the 240-minute chart, but that would only help in stabilising prices in the near term.
LTC/USD 240-minute chart:
LTC/USD daily chart:
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.
