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Litecoin (LTC/USD) fell sharply early in today’s Asian session as the pair reached a low around the 53.89 area steady selling from the 60.04 area during Friday’s North American session. Many traders noticed that the pair briefly tested and traded as low as the 56.09 area during last Friday’s North American session, an important technical development given the technical significance of the 56.71 area as the 50% retracement of the recent 47.22 – 66.19 range. The pair’s brief movements below that level opened up potential downside targets such as the 54.47 and 51.70 areas, representing the 61.8% and 76.4% retracements of the same range. Bearish sentiment has returned with LTC/USD now trading below its 200-bar MA (4-hourly).
Regarding LTC/USD’s recent range expansion, the 47.13 area represents possible technical Support and the 23.6% retracement of the 127.95 – 22.17 range. The pair’s next upside price objective related to this range is the 62.58 area, an area the pair tested on 11 November. Another very important technical range that LTC/USD traders are watching is the move from the 182.35 – 22.17 area. The 59.97 area represents the 23.6% retracement of this range, and the 83.36 area is the 38.2% retracement of this range. Additionally, the 192.89 – 22.17 range is another important one, and the 62.46 area represents the 23.6% retracement of this range.
Price activity is nearest the 200-bar MA (4-hourly) at 57.83 and the 100-bar MA (Hourly) at 58.33.
Technical Support is expected around 52.15/ 50.25/ 47.13 with Stops expected below.
Technical Resistance is expected around 64.40/ 69.47/ 75.06 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.