price failed to gain strength
above the $80.00 resistance against the US Dollar. LTC started a fresh decline
and it could even break the $70.00 support in the near term.
Key Talking Points
- Litecoin price failed to break the $80.00
barrier and declined recently (Data feed of Kraken) against the US Dollar. - There is a major bearish trend line formed with
resistance near the $77.60 level on the 4-hour chart. - LTC price recently declined below the $74.80
support and a connecting bullish trend line.
Litecoin Price Analysis (LTC)
This past week, there were strong gains in , but most such as , , , and others struggled against the US dollar. The LTC/USD pair faced a strong selling interest near the $80.00 resistance and recently started a downward move.
Looking at the 4-hour , LTC price topped near the $81.50 level and later declined sharply. There was a break below the $78.00 and $76.00 support levels to push the price back in a bearish zone.
During the decline, the price traded below the $74.80
support and a connecting bullish trend line. Moreover, there was a close below
the $75.40 support and the 100 simple moving average (4-hour).
Besides, there was a clear break below the 50% Fib
retracement level of the last wave from the $65.23 low to $81.48 high. The
price declined below $72.50 and recently tested the $71.20 support area.
It seems like the 61.8% Fib retracement level of the last wave
from the $65.23 low to $81.48 high is currently acting as a support. If there
is a downside break below $71.20, there is a risk of more losses below the
$70.00 support level.
The next key support is near the $68.00 level, where the
bulls may appear. On the upside, there is a major bearish trend line formed with
resistance near the $77.60 level on the same chart. To start a fresh increase
price must break the $74.80 and $77.60 levels. As long as LTC is below
$74.80, there is a risk of more losses below $70.00.
The market data is provided by TradingView.
Published at Mon, 06 May 2019 04:26:48 +0000
