- 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%
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.
|Today last price||69.7746|
|Today Daily Change||-0.9389|
|Today Daily Change %||-1.33|
|Today daily open||70.7135|
|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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