Litecoin Price Analysis: LTC/USD drops below triangle formation as bears take control.

The price has found support on the SMA 50 curve.
The Elliott Oscillator shows sustained bullish momentum.

Rajarshi Mitra Independent Analyst

LTC/USD daily chart

LTC/USD dropped from $44.30 to $44.05 as the bears retained their control for the second straight day. The price is currently consolidating underneath the triangle formation and has found support at the SMA 50 curve. The Elliott Oscillator shows that despite the recent bearish price action, the overall market sentiment remains bullish.

To take back control, the bulls must overcome resistance at SMA 20, $46.55, and $48.80. On the downside, the price is well supported at $42.50 and $39.80.

Key levels

LTC/USD

Overview
Today last price	44.1108
Today Daily Change	-0.0877
Today Daily Change %	-0.20
Today daily open	44.1985

Trends
Daily SMA20	45.1711
Daily SMA50	43.8465
Daily SMA100	49.4298
Daily SMA200	50.9859

Levels
Previous Daily High	46.183
Previous Daily Low	43.0352
Previous Weekly High	46.971
Previous Weekly Low	39.3673
Previous Monthly High	50.8723
Previous Monthly Low	37.1813
Daily Fibonacci 38.2%	44.2377
Daily Fibonacci 61.8%	44.9806
Daily Pivot Point S1	42.7615
Daily Pivot Point S2	41.3245
Daily Pivot Point S3	39.6138
Daily Pivot Point R1	45.9093
Daily Pivot Point R2	47.62
Daily Pivot Point R3	49.057

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.