Litecoin technical analysis: LTC bears gathering pace for a break below 101.00


  • Litecoin attempts a tepid bounce, but Saturday’s bearish bias remains intact
  • Daily chart shows a bearish outlook over the medium-term.

The fourth most widely traded cryptocurrency, Litecoin, is back in the red zone following Friday’s dead cat bounce. The coin has lost over 2.5% over the last 24 hours and now remains exposed to further downside risks. Litecoin enjoys a market capitalization of $ 6.43B, or 2.03% of the total cryptocurrency market cap. 

LTC/USD 1-hour chart

  • Bears take a breather after early losses, as the 50% Fibonacci Retracement (Fib) of the latest recovery (at 101.16) offers solid support.  
  • The recovery appears limited by a bunch of resistances, stacked up between 103.15-104 levels, where the 10, 21 and 50 hourly SMAs coincide.
  • Technical set up points to the downside opening up towards 100.00.

LTC/USD daily chart

  • A potential rounding top formation is spotted on the daily sticks.
  • The pattern will get confirmed once the prices close below the 100-round figure.
  • A break below the last will open up the downside towards the 60/55 level over the next 3 months.

Key levels to watch

LTC/USD

Overview
Today last price 102.1459
Today Daily Change -2.9093
Today Daily Change % -2.77
Today daily open 105.0552
 
Trends
Daily SMA20 131.1292
Daily SMA50 117.4166
Daily SMA100 97.3021
Daily SMA200 69.0597
Levels
Previous Daily High 107.0843
Previous Daily Low 100.6797
Previous Weekly High 125.6252
Previous Weekly Low 95.0808
Previous Monthly High 146.2716
Previous Monthly Low 97.5782
Daily Fibonacci 38.2% 104.6377
Daily Fibonacci 61.8% 103.1262
Daily Pivot Point S1 101.4619
Daily Pivot Point S2 97.8685
Daily Pivot Point S3 95.0572
Daily Pivot Point R1 107.8665
Daily Pivot Point R2 110.6777
Daily Pivot Point R3 114.2711

 

 

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