Litecoin price analysis: This crossover is a test for bulls
- Litecoin price falls; on its way to test earlier resistance, now support.
- Long term support comes in handy too.
Litecoin bulls have a task at their disposal - to retest earlier resistance, now support level and bounce back hard. It may not be as difficult to hold though because that is exactly where long term support comes in handy too in the form of fibonaccia retracement support.
LTC/USD now down more than 4 percent at $141.29 and just around the low point of the day which is at $139.06. This low is of a great significance for the fact that around these levels is where two important supports co-incide.
One on the 240-minute chart in the form of descending trendline which was a resiatance earlier and support now. Second, in the form of 61.8 percent retracement level of the entire rise from the lows of April to the highs of May.
LTC/USD 240-minute chart:
LTC/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
