Litecoin Technical Analysis: $72.50 back in play as buyers give up near $80
- Wednesday's technical correction finds resistance near $80, where the 20-DMA is sitting.
- The RSI on the daily chart edges lower toward 30.
- With a break below $72.50, LTC/USD will renew its lowest level since November 2017 and could attract more sellers following a profit-taking action.
Spot rate: 76.30
Relative change: -2.4%
High: 78.25
Low: 74.28
Trend: Bearish
Support 1: 72.50 (2018 low/ Jun. 29 low).
Support 2: 64.70 (Nov. 17, 2017, low/static level).
Support 3: 57.75 (Nov. 11/10 low/static level).
Resistance 1: 80 (Jul. 11 high/20-DMA/psychological level).
Resistance 2: 90 (Jul. 3/Jul. 4 high).
Resistance 3: 98 (Fibo. 23.6% retracement of May 6 - Jun. 29 fall)
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
