LTC/USD: Litecoin is coming up to a support zone

Litecoin trades 1.49% lower today while Bitcoin rises 1.63%.
70.00 was rejected and now price is consoldating and the next support is strong.

Rajan Dhall, MSTA FX Daily

Litecoin is still in a sideways consolidation phase but we are coming up to a trendline and a positive break could mean there is some upside potential.

There has been a series of consecutive lower highs and lower lows but for the downtrend to continue 68.22 will need to be broken.

The volume profile on the left-hand side of the chart shows that the LTC/USD price us just under the value area.

On the downside support levels hold at 68.33, 66.52 and 64.31.

The resistance levels are at 69.91 and 73.21 but the psychological 70.00 maybe a sticking point.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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