Litecoin Technical Analysis
Updated
FxNews—Litecoin is on the verge of forming a double-bottom pattern on the 4-hour chart. From a technical perspective, the uptrend would resume if LTC/USD closes above the immediate resistance at $69.00. In this scenario, the next bullish targets could be $71.30, followed by $72.80.
Conversely, if bears push Litecoin below the critical support at $67.00, the downtrend would resume. If this scenario unfolds, the next bearish target could be the $65.40 support.
Conversely, if bears push Litecoin below the critical support at $67.00, the downtrend would resume. If this scenario unfolds, the next bearish target could be the $65.40 support.
Trade closed: target reached
LTCUSD dipped below $67.00, resuming the downtrend and testing the $65.40 support level. Meanwhile, the RSI and Stochastic indicators are approaching oversold conditions, suggesting a potential correction may be forthcoming.
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