Litecoin's (LTC) price will retrace making new lows - Short
Updated
HIGHLIGHTS
Litecoin's (LTC) price tested the 21 candle - moving average (MA). The blue lines around $63 and $66 are playing the role of a strong resistance level that will stop the price growth if it reaches them. Colored zone that is close to the $40 level is a strong support level, where the price could consolidate.
IN DETAILS…
Fundamentally, during last two weeks the Litecoin's (LTC) price dropped more than 20% for a short period of time. BTC had a drop of more than 17% and these kinds of numbers are speaking of a new bearish trend coming – such a statement was made in my last prediction about the Ethereum's (ETH) price. Historically diversification towards lesser assets indicates a future drop of the price. Litecoin's (LTC) price will retrace one way or another, probably forming new lows.
Technically, the Litecoin closed a two daily candles under the 21-candle moving average (MA). On the other hand, we have a Low Volume, playing under 50-Candle MA. This is an indicator of a potential big move and a spike in the volume levels (most likely in a negative direction). Litecoin's (LTC) price could test the resistance lines around $63 and $66, but at its current stage, the price looks too weak to break above them. The most likely scenario is the trend to retrace, finding stronger support, forming new lows around $40 price level.
CONCLUSION
Litecoin's (LTC) price will retrace to find a solid support level. Colored zone close to $40 is a strong support level, where the price could consolidate.
Good luck!
"If everyone is thinking alike, then somebody isn't thinking."
Litecoin's (LTC) price tested the 21 candle - moving average (MA). The blue lines around $63 and $66 are playing the role of a strong resistance level that will stop the price growth if it reaches them. Colored zone that is close to the $40 level is a strong support level, where the price could consolidate.
IN DETAILS…
Fundamentally, during last two weeks the Litecoin's (LTC) price dropped more than 20% for a short period of time. BTC had a drop of more than 17% and these kinds of numbers are speaking of a new bearish trend coming – such a statement was made in my last prediction about the Ethereum's (ETH) price. Historically diversification towards lesser assets indicates a future drop of the price. Litecoin's (LTC) price will retrace one way or another, probably forming new lows.
Technically, the Litecoin closed a two daily candles under the 21-candle moving average (MA). On the other hand, we have a Low Volume, playing under 50-Candle MA. This is an indicator of a potential big move and a spike in the volume levels (most likely in a negative direction). Litecoin's (LTC) price could test the resistance lines around $63 and $66, but at its current stage, the price looks too weak to break above them. The most likely scenario is the trend to retrace, finding stronger support, forming new lows around $40 price level.
CONCLUSION
Litecoin's (LTC) price will retrace to find a solid support level. Colored zone close to $40 is a strong support level, where the price could consolidate.
Good luck!
"If everyone is thinking alike, then somebody isn't thinking."
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