Litecoin Price Analysis: LTC/USD finds support but struggles to push past 50.00
- Litecoin is not as bullish as some of the other major crypto pairs on Tuesday.
- The pair found support at the 76.4 Fibonacci level but failed to rally higher.
LTC/USD daily chart
Litecoin has been struggling for a while now. Since hitting 84.00 the price has fallen to levels we are at on Tuesday. Looking ahead to what has been happening more recently you can see the pair found support at the 76.4% Fibonacci level. Now, if the market rallies there could be resistance at the old support of 57.07. Elsewhere, the levels further down could still be tested again and just below the 44.00 level the blue line looks like a target. If that breaks then it is on to the lows of 35.88. The whole pattern looks like a massive head and shoulders but if this is the case then the target could be much lower, so I doubt that is the case.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
