Litecoin price analysis: LTC/USD surrenders $70.00, more sell-off in store

• LTC/USD needs to recover above $70.00 to mitigate immediate pressure.
• The strong short-term support is created on approach to $67.50.

Litecoin is hovering around $70.00 during early Asian hours amid the global sell-off in the cryptocurrency markets. The fifth-largest digital asset with the current market value of $4.3 billion has lost over 2% in recent 24 hours and 2.3% since the beginning of the day as a dip below $70.00 increased the sellers' pressure on the price.

Litecoin’s technical picture

The initial support awaits LTC at $68.50. It is created by the lower line of 1-hour Bollinger Band and closely followed by the intraday low of $68.36. A sustainable move below this handle will open up the way towards psychological $68.00 and to $67.50 with SMA100 (Simple Moving Average) and SMA200 1-hour located on approach.

On the upside, we will need to see a recovery above $70.00 to mitigate the immediate bearish pressure. However, this area is guarded by the middle line of 1-hour Bollinger Band (currently at $69.89). Even stronger resistance is seen on approach to $71.00 as this area has been limiting re recovery since Sunday morning. Once it is out of the way, the upside is likely to gain traction with the next focus on $72.00 and $72.20 (the lower upper of 4-hour Bollinger Band).

LTC/USD, 1-hour chart