Litecoin Price Analysis: LTC/USD falls below SMA 20 following Wednesday’s bloodbath


  • LTC/USD dropped from $77.38 to $70.72 this Wednesday.
  • In the process, LTC/USD fell below the downward channel formation as well.

LTC/USD daily chart

LTC/USD daily chart

LTC/USD fell from $77.40 to $70.72 this Wednesday as the bears took full control of the market. The buyers were able to bring back the price up to $71.15 in the early hours of Thursday. Following this Wednesday’s bloodbath, the price dropped below the SMA 20 curve and the downward channel formation. However, despite such massive bearish action, the SMA 50 managed to cross over the SMA 200, which is traditionally a bullish sign.

On the downside, the MACD indicates increasing bearish momentum, while the Elliott Oscillator has had six straight red sessions wherein it plummetted from 14 to 5.85. The RSI indicator is sitting flat on the neutral territory, indicating that the sellers have effectively canceled out the positive jumps made by the buyers before this  Wednesday.
 

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