Litecoin Price Bleeds, Why The Bulls Could Stay On Sidelines

Litecoin worth began a recent decline from the $80 resistance in opposition to the US Greenback. LTC is struggling and stays at a threat of extra losses in direction of the $55 assist.

Litecoin began a recent decline from the $85 resistance in opposition to the US Greenback.
The value is now buying and selling beneath $70 and the 100 easy transferring common (4-hours).
There was a break beneath a key contracting triangle with assist close to $75.00 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
The value might proceed to maneuver down in direction of $55 within the close to time period.

Litecoin Value Turns Crimson

This previous month, litecoin worth noticed a powerful improve above the $70 stage in opposition to the US Greenback. LTC worth was capable of clear the $80 resistance stage, outperforming each bitcoin and ethereum.

Nonetheless, the bears remained lively close to the $85 zone. There was a topping sample shaped close to the $85 stage earlier than the worth began a recent decline. There was a transparent transfer beneath the $80 and $78 assist ranges. Moreover, there was a break beneath a key contracting triangle with assist close to $75.00 on the 4-hours chart of the LTC/USD pair.

Litecoin worth is now buying and selling beneath $70 and the 100 easy transferring common (4-hours). A low is shaped close to $61.67 and the worth is now consolidating losses.

On the upside, a direct resistance is close to the $66.00 stage. It’s close to 23.6% Fib retracement stage of the latest decline from the $79.80 swing excessive to $61.67 low. The primary main resistance is close to the $70.00 stage.

Supply: LTCUSD on TradingView.com

The 50% Fib retracement stage of the latest decline from the $79.80 swing excessive to $61.67 low can be close to $70. If there’s a clear break above the $70 resistance, the worth might begin a powerful improve. Within the acknowledged case, the worth is prone to proceed greater in direction of the $75 and $78 ranges. Any extra features would possibly ship ltc worth in direction of the $80 resistance zone.

Extra Losses in LTC?

If Litecoin worth fails to clear the $70.00 resistance stage, there might be extra losses. An preliminary assist on the draw back is close to the $61.60 stage.

The primary main assist is forming close to the $60.00 stage. Any additional losses might maybe ship the worth in direction of the $55.00 assist within the coming periods.

Technical indicators:

4-hours MACD – The MACD is slowly gaining tempo within the bearish zone.

4-hours RSI (Relative Power Index) – The RSI for LTC/USD is beneath the 50 stage.

Main Assist Ranges – $60.00 adopted by $55.00.

Main Resistance Ranges – $70.00 and $75.00.