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Litecoin's price declined sharply and broke $ 72.50 and $ 70.00 against the US dollar. LTC / USD may continue to decline towards the $ 60.00 short-term level.
Key Talking Points
· The price of Litecoin is under pressure because it broke the support of $ 70.00 (Kraken Data Feed) against the US dollar.
· This week's key bearish trend line prevented gains of over $ 75.00 on the LTC / USD pair hourly chart.
· The pair is currently consolidating, but remains at risk for further losses of less than $ 65.00.
Litecoin Price Forecast
There was a strong refusal close to the $ 76.00 and $ 75.00 resistance levels in the litecoin price compared to the US dollar. The LTC / USD declined heavily and broke support levels of $ 72.50 and $ 70.00.
Looking at the chart the price of the LTC was under pressure after breaking the $ 72.30-50 support area. The price fell below the $ 70.00 level and traded close to the $ 65.00 support
More importantly, the bearish trend line highlighted by this week prevented earnings above $ 75.00 on the hourly chart of the LTC / USD pair. Low was formed at $ 65.17 and the price is now trading well below the simple 100-hour moving average.
In the short term, it could perhaps correct higher towards the $ 68.00 level. An initial resistance is close to the Fiber retracement level 23.6% of the last decline from the low of $ 75.13 to $ 65.17 low
Any further disadvantages above $ 67.50 and $ 68.00 they will probably be very durable near the $ 70.00 level, which was previously a support. It also represents the 50% fiber retracement level of the last decline from $ 75.13 up to $ 65.17 below.
On the downside, initial support is close to the $ 65.00 level. A break below this could open the door to further decreases towards the $ 60.00 support.
Overall, the litecoin price is in a bearish trend and may continue to fall towards $ 60.00 as long as it is below the $ 70.00 level. [19659011] Market data is provided by TradingView.
