Litecoin Price (LTC) Remains In Downtrend, Bitcoin Holding $7K

  • Litecoin is began an upside correction from the $42.15 swing low towards the US Greenback.
  • The value is now buying and selling above the $45.50 resistance, however it’s properly under $48.40 and $50.00.
  • There’s a main bearish development line forming with resistance close to $47.80 on the hourly chart of the LTC/USD pair (information feed from Kraken).
  • Bitcoin worth is presently buying and selling in a variety above the $7,000 and $6,950 assist ranges.

Litecoin worth remains to be in a downtrend under the $50.00 resistance towards the US Greenback. LTC might solely begin a rise if it breaks $50.00. If not it might slide in the direction of $40.00.

Litecoin Price Evaluation

This previous week, litecoin worth struggled to climb above the $50.00 resistance space towards the US Greenback. Consequently, LTC worth prolonged its decline under the $45.00 assist and the 100 hourly easy transferring common.

Furthermore, it traded near the $42.00 degree and shaped a brand new month-to-month low at $42.15. Later, there was an upside correction, just like bitcoin, Ethereum, ripple and BCH.

Litecoin recovered above the $44.00 and $45.00 resistance ranges. Moreover, it spiked above the $47.00 degree and the hourly easy transferring common. Nonetheless, the upward transfer was capped by the $47.50 resistance space.

Extra importantly, there’s a main bearish development line forming with resistance close to $47.80 on the hourly chart of the LTC/USD pair. If there may be an upside break above the $47.80 and $48.50 resistance, the value might proceed to rise.

The primary resistance is close to the $50.00 space, above which there are probabilities of an honest run in the direction of the $54.00 and $55.00 resistance ranges. On the draw back, an preliminary assist is close to the $45.50 degree.

The following assist for litecoin is close to the $44.85 degree. It’s near the 50% Fib retracement degree of the current rise from the $42.15 low to $47.61 excessive. A transparent break under the $44.85 assist may push the value again right into a bearish zone.

In the talked about case, the value might revisit the $42.20 assist space. An intermediate assist is close to the $43.40 degree. It represents the 76.four% Fib retracement degree of the current rise from the $42.15 low to $47.61 excessive.

Litecoin Price

Trying on the chart, litecoin worth is probably going going through a few sturdy resistances close to $48.50 and $50.00, just like bitcoin close to $7,300 and $7,400. A profitable break above $50.00 is required for a powerful rise.

Technical indicators:

Hourly MACD – The MACD is slowly transferring again into the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for LTC/USD is presently simply above the 40 degree.

Main Help Ranges – $45.50 adopted by $43.40.

Main Resistance Ranges – $48.50 and $50.00.

About Tom Greenly

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