Ethereum / Breaking News / Bitcoin / Analytics
Litecoin (LTC/USD) depreciated early in today’s Asian session as the pair fell to the 74.54 area after trading as high as the 76.83 area during yesterday’s European session. Prior to its recent move higher to the 84.50 level, LTC/USD traded as low as the 35.88 area in late December and traders are interested to see how much of its gains it gives back. After peaking around the 84.50 area, the pair depreciated and fell to the 73.03 level, representing the 23.6% retracement of the appreciation from 35.88 to 84.50. The next downside retracement level in that range is the 65.93 area and during the pullback lower, the market traded as low as the 67.26 area with traders unable to challenge 65.93. Another important range that traders are monitoring is the appreciation from 22.17 to 146.00 that commenced in December 2017.
The 84.09 area represents the 50% retracement of this range, and the 69.47 level represents the 61.8% retracement of this range. If traders are able to again move through the 84.09 area and challenge upside levels, the next upside retracement level in this range is the 98.70 area. An additional range that traders are monitoring is the depreciation from 146.00 to 35.88, a move that ended in December after beginning in June. Some key levels in that range that were absorbed during the run-up are the 61.87 and 77.95 areas, representing the 23.6% and 38.2% retracements of this range. The next upside price objective in this range is the 90.94 area. Above current market activity, traders anticipate offers and selling pressure around the 80.26 and 84.00 levels.
Price activity is nearest the 100-bar MA (4-hourly) at 75.80 and the 200-bar MA (Hourly) at 74.74.