Breaking News / Bitcoin Cash / Analytics / Litecoin
Litecoin (LTC/USD) sought fresh market direction early in today’s Asian session as the pair continues to trade below the psychologically-important 100.00 figure, a level it fell sharply below earlier this month. The market yielded a lot of clues during its descent below this area, especially around the 83.34 area, a downside price objective related to the recent high of 145.97. Likewise, LTC/USD Bulls have managed to keep the pair Bid above the 68.44 area, representing the 61.8% retracement of the move from 22.17 to 144.34.
Sentiment clearly remains quite Bearish given the pair’s ongoing depreciation below the 50-bar MA (4-hourly), which is now trading below the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). The market’s negative bias recently intensified after traders made a decisive break below the 83.36 area this month. Market activity has orbited the 75.06 area in recent trading sessions, representing the 50% retracement of the move from 127.95 to 22.17. Below current market activity, the 63.99 level remains an important downside target.
Price activity is nearest the 50-bar MA (4-hourly) at 77.66 and the 100-bar MA (Hourly) at 75.30.
Technical Support is expected around 69.47/ 63.99/ 44.65 with Stops expected below.
Technical Resistance is expected around 83.34/ 95.86/ 99.10 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Bitcoin Cash (BCH/USD) extended its recent negative market bias early in today’s Asian session as traders searched for some bullish market sentiment following the pair’s recent relatively tight range.