Litecoin worth is struggling to realize tempo above $66.40 towards the US Dollar. LTC may revisit the $60 help earlier than the bulls take a robust stand.
- Litecoin is correcting losses from the $63 help zone towards the US Dollar.
- The worth is now buying and selling under $66 and the 100 easy transferring common (4 hours).
- There is a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
- The worth may drop towards the $60 help earlier than it begins a recent improve.
Litecoin Price Signals Bearish Move
This previous week, there was a recent decline in Bitcoin, Ethereum, Litecoin, and different altcoins towards the US Dollar. LTC worth shaped a high close to $68.40 earlier than it began a recent decline.
The worth traded under the $66.40 and $65.00 help ranges. It retested the $63.00 help zone. A low was shaped close to $63.01 and the worth is now making an attempt a recent improve. There was a transfer above the $65.20 resistance.
The worth spiked above the 50% Fib retracement degree of the downward transfer from the $68.38 swing excessive to the $63.01 low. Litecoin is now buying and selling under $66 and the 100 easy transferring common (4 hours). There can also be a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair.
On the upside, rapid resistance is close to the $65.50 zone. The subsequent main resistance is close to the $6.40 degree. It is near the 61.8% Fib retracement degree of the downward transfer from the $68.38 swing excessive to the $63.01 low. If there’s a clear break above the $66.40 resistance, the worth may begin one other robust improve.
Source: LTCUSD on TradingView.com
In the acknowledged case, the worth is prone to proceed increased towards the $68.40 and $70 ranges. Any extra beneficial properties would possibly ship LTC’s worth towards the $75 resistance zone.
Downside Thrust in LTC?
If Litecoin worth fails to clear the $66.40 resistance degree, there may very well be a recent decline. Initial help on the draw back is close to the $63.00 degree.
The subsequent main help is forming close to the $60 degree, under which there’s a danger of a transfer towards the $58.00 help. Any additional losses might maybe ship the worth towards the $55 help.
Technical indicators:
4-hour MACD – The MACD is now dropping tempo within the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD remains to be under the 50 degree.
Major Support Levels – $63.00 adopted by $60.00.
Major Resistance Levels – $66.40 and $68.40.
