Breaking News / Bitcoin Cash / Analytics / Litecoin
Litecoin (LTC/USD) traded lower early in today’s Asian session, reaching a low of 63.87, as the pair continues to exhibit weakness and trade just above some very important technical downside levels. Earlier this week, the pair appreciated and tested the 100-bar MA (4-hourly), then trading around the 70.75 area but Bulls were unable to push the pair higher above that technical Resistance. Traders are searching for direction around the 50-bar MA (4-hourly) after pushing LTC/USD below this area on Thursday.
One very important level that traders are watching is the 62.58 area, representing the 38.2% retracement of the move from 127.95 to 22.17. LTC/USD tested this area between 29 August and 31 August, evidence of its technical significance. If that levels gives way, chartists will be curious to see if Bears have the strength to test the 59.97 area, another important downside price target that represents the 23.6% retracement of the 182.35 – 22.17 range. The 51.39 and 47.13 levels are also downside price targets where technical Support may emerge.
Price activity is nearest the 50-bar MA (4-hourly) at 65.84 and the 200-bar MA (Hourly) at 65.83.
Technical Support is expected around 59.97/ 51.00/ 44.65 with Stops expected below.
Technical Resistance is expected around 68.84/ 75.06/ 83.36 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Bitcoin Cash (BCH/USD) maintained its relatively weak bias early in today’s Asian session as the pair continued to trade below the psychologically-important 300.00 figure after diving to the 278.60 area late in yesterday’s North American session.