Technical Analysis LTC/USD: As the crypto rout continues where could Litecoin find support?

All of the crypto majors are in freefall today
Litecoin is heading to the psychological support area of 70.00
Technical trendline could help buyers find support

As all the major coins are in freefall today LTC/USD is coming up to very important levels.

One major zone is the 70.00 support used a couple of times to good effect on this chart. On the far left of the chart in July last year, you can see the 70.00 level used as support and it held twice very well. Then after breaching to the downside the market then retested the level in September before moving back down.

This time around the 70.00 area confluences with a long term trendline originating in December and bouncing once again in February through to March. The two factors coupled with a bullish cross of the Stochastic moving averages could help the pair stem its losses.

However one thing concerning is the massive head and shoulders formation on the chart, We are now an important point and if 70.00 is broken we could see a move down to around 50.00 according to the laws of the formation. Remember there are some key fundamental announcements on the way including the ETF decision next month.

Share: Cryptos feed

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.

Join Telegram