- 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
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.
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