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Litecoin price extended losses
below the $75.40 support zone against the US dollar. LTC traded below the
$70.00 level and it is currently correcting higher towards the $74.50 and
$75.40 resistances.
Key Talking Points
- Litecoin price moved into a bearish zone below
the $75.40 support area (Data feed of Kraken) against the US Dollar. - There is a major bearish trend line formed with
resistance at $75.00 on the hourly chart. - LTC price could correct higher, but it is likely
to face sellers near $74.50 or $75.00.
Litecoin Price Analysis (LTC)
In the past two sessions, there was a strong decline in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair broke the key $75.40 support area to move into a bearish zone.
Looking at the chart, LTC price even
broke the $74.50 and $72.10 support levels. There was a spike below the $70.00
support and the price settled well below the 100 hourly simple moving average. A
new weekly low was formed at $68.77 and the price is currently correcting
higher.
It broke the 23.6% Fib retracement level of the last decline
from the $79.64 high to $68.77 low. However, on the upside, there are many
hurdles for the bulls near the $74.50 and $75.00 levels.
There is also a major bearish trend line formed with
resistance at $75.00 on the hourly chart. The trend line coincides with the 100
hourly simple moving average and the 50% Fib retracement level of the last decline
from the $79.64 high to $68.77 low.
Therefore, if there is an upward move, litecoin is likely to
face a strong selling interest near the $74.50, $75.00 and $75.40 levels. Only
a close above the $76.00 level and the 100 hourly SMA could start a decent
upward move.
On the other hand, if litecoin price fails to move past the
$75.00 resistance area, there could be additional losses. An initial support is
at $70.00, below which there is a risk of a sharp drop below the $68.50 level in
the near term.
The market data is provided by TradingView.
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