Home / Coin Payment / Technical analysis LTC / USD: while the cryptocurrency route continues, where could Litecoin find support?

Technical analysis LTC / USD: while the cryptocurrency route continues, where could Litecoin find support?

  • All cryptocurrency majors are in free fall today
  • Litecoin goes to the psychological support area of ​​70.00
  • The technical trend line could help buyers find support

Litecoin daily chart

Since all the major currencies are in freefall today, LTC / USD is reaching very important levels.

One of the main areas is the 70.00 support used a couple of times with good results on this chart. At the far left of the graph in July of last year, you can see the 70.00 level used as a support and it was held twice very well. So, after breaking down, the market then retried the level in September before turning back.

This time the area 70.00 merges with a long-term trend line that starts in December and bounces again from February to March. The two factors coupled with a bullish cross of the stochastic moving averages could help the pair curb its losses.

However, a worrying thing is the massive head and shoulder formation on the card, now we are an important point and if 70.00 breaks we could see a downward movement around 50.00 according to the laws of education. Remember that there are some key key announcements coming up including the ETF decision next month.

Get the 5 most predictable currency pairs

Source link