Litecoin price analysis: LTC/USD bulls fail at the $95-level
- Litecoin has had a bearish breakout from a flag formation.
- The Elliot oscillator had a bearish session after five straight bullish sessions.
LTC/USD has had three bearish days in a row, following this Tuesday wherein the price fell from $95.15 to $92.65. Over the last three days, the price has failed at the $100-zone, going down from $100.50 to $92.65. Looking at the hourly breakdown, we can see that the bears had early control of the market and took the price down from $95.15 to $90.50, where they found support. The price had a brief escalation to $91.65 where it immediately met resistance and plummeted down to $89.75. The price didn’t sit there for long as it found some bullish support and jumped up to $93.35, from where it went down back to $92.65.
Litecoin daily chart
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The price is trending below the 50-day simple moving average (SMA 50) and the SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows that the signal line was about to cross over the MACD line when they both diverged and started trending parallelly to each other. The Elliot oscillator has had a bearish session after five straight bullish sessions.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
