Litecoin Price Analysis: LTC/USD breakdown could test $65 ahead of recovery to $100


  • Litecoin defends the two-month-long ascending trend in spite of the correction from $84 (yearly highs).
  • The short term analysis clearly shows that the bears are in control as the bulls seek support towards $65.

Spot rate: $70.09

Relative change: -0.6214

Percentage change: -0.88%

Trend: Bearish

Volatility: Low

LTC/USD daily chart

Litecoin has been posting frequent gains ever since the price broke above the long term resistance trendline that started in June 2019. The recovery has also remained within the confines of an ascending channel. If the channel support is protected once again, there is a possibility that a reversal will ensue towards $100. The formation of a golden cross is another bullish signal despite the correction from the yearly highs at $84.

LTC/USD 2-hour chart

Litecoin price prints a bearish pattern in the short term as bulls hunt for a formidable support. The short term descending channel is likely to accord support to the buyers above $65. The sellers are in the driver’s seat at the moment as per the RSI and the MACD. Bearish pressure can only be averted by a correction above the channel resistance.

LTC/USD

Overview
Today last price 69.7746
Today Daily Change -0.9389
Today Daily Change % -1.33
Today daily open 70.7135
 
Trends
Daily SMA20 74.4345
Daily SMA50 61.3797
Daily SMA100 54.009
Daily SMA200 60.5804
 
Levels
Previous Daily High 79.7342
Previous Daily Low 67.7183
Previous Weekly High 84.4232
Previous Weekly Low 72.4372
Previous Monthly High 70.0854
Previous Monthly Low 38.7677
Daily Fibonacci 38.2% 72.3084
Daily Fibonacci 61.8% 75.1441
Daily Pivot Point S1 65.7098
Daily Pivot Point S2 60.706
Daily Pivot Point S3 53.6938
Daily Pivot Point R1 77.7257
Daily Pivot Point R2 84.7379
Daily Pivot Point R3 89.7417

 

 

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