Key Talking Points
- Litecoin price declined sharply after failing to move above the $252-255 resistance (Data feed of Kraken) against the US Dollar.
- There is a bullish trend line forming with support at $220 on the hourly chart of the LTC/USD pair.
- The pair must stay above the $220 and $210 support levels to avoid further declines.
Litecoin Price Forecast
Yesterday, we saw a nice upside move above the $235 resistance in litecoin price against the US dollar. The LTC/USD pair traded towards the $260 resistance, but it seems like it failed to retain the bullish bias above the $250 level and started a downside move.
The pair declined below the $230 level and settled below the 100 hourly simple moving average. However, the downside move found support near the $205-210 area, which protected further declines below $200.
The pair is currently correcting higher and is trading above the 23.6% Fib retracement level of the last decline from the $252 high to $215 low. On the downside, there is a bullish trend line forming with support at $220 on the hourly chart of the LTC/USD pair.
The pair has to stay above the trend line support and $210 to avoid any further declines. If it fails to stay above the $210 support, there is a chance of further declines below the $200 level.
On the upside, the most important resistance is near $230-235. It is also near the 50% Fib retracement level of the last decline from the $252 high to $215 low.
The $230-235 resistance acted as a barrier on many occasions and it could once again prevent upsides. Overall, it seems like litecoin price is back to square one and it may perhaps trade in a range above $210 before it makes the next move in the near term.
Trade safe traders and do not overtrade!
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