Rajarshi Mitra
Independent Analyst
- LTC/USD went down from $77.15 to $74.50 this Tuesday.
- LTC/USD faces significant resistance up front.
LTC/USD has been on a steady decline since the bulls got rejected in the $93 resistance line on April 7. Over the last two and a half weeks, the price has gone down from $93 to $74.50, charting a decline of nearly 20%. The confluence detector shows us that if the bears can gather enough momentum, they will be able to take the price all the way down to $71.25.
LTC/USD Confluence Detector
The resistance levels are at $75, $76, $77, $78-$78.50, $79, and $80.25. The confluences at those levels are:
- $75: Previous week low.
- $76: Daily previous low and daily pivot point support 1.
- $77: Weekly pivot point support 1.
- $78-$78.50: Daily previous high, daily pivot point resistance 1, 4-hour Bollinger band middle curve, SMA 5, and hourly Bollinger band middle curve.
- $79: Weekly 61.8% Fibonacci retracement level and SMA 100.
- $80.25: Daily 161.8% Fibonacci retracement level, SMA 10, and SMA 5.
The support levels are at $74-$74.50 and $71.25. The confluences at those levels are:
- $74-$74.50: Monthly pivot point resistance 2, 15-min previous low, daily pivot point support 2, 4-hour Bollinger band lower curve.
- $71.25: Weekly pivot point support 2.
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