Litecoin price analysis: the LTC / USD rise ends in a dead end

  • Litecoin bears have taken control by pulling the price under $ 60.00 but $ 59.00 is a good one yet.
  • LTC / USA is trading in a pending triangular triangle .

Bears increased the thief's grip on the market yesterday as Litecoin started a downtrend from the high of the week to $ 63.85. Before that LTC / USD had made a nice upward movement from the primary support to $ 55.00. The price has exceeded the stubborn resistance at $ 60.00 – $ 61.00 and has retraced critical steps to $ 64.00, but has stopped at $ 63.85.

Declines during the afternoon trading session (GMT) broke short-term support for $ 60- $ 61.00 but stopped at the Fib level of 23.6% with the last maximum of swing of $ 63.85 and a minimum of $ 55.58. The uptrend line and the 100SMA hourly anchored the price slightly below the Fib level.

The bulls have arrived at this point and Litecoin's pullback above $ 60.00. However, both the bearish trend line and Fibon's 61.8% level from $ 63.85 to $ 55.87 are limiting upward gains. The 50SMA hourly hour at $ 60.67 is also a significant obstacle to refueling areas above $ 62.00 and $ 63.00.

Litecoin is also trading a pending triangular pattern awaiting a breakout. The trend is becoming bearish, and the stochastic is withdrawing from the oversold region. Looking at the chart, the price will probably fall below $ 60.00. The bulls must ensure that the $ 59.00 support is not broken. However, an interruption below the support of the contract triangle will lead to further decreases towards primary support.

LTC / USD 1 hour chart

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