Litecoin's (LTC) price will retrace - Short ($40)
Litecoin's (LTC) price tested the 21 Candle - Moving Average (MA). The Blue lines around $63 and $66 are playing the role of a strong resistance level that will stop the price growth if it reaches them. Colored Zone close to $40 is a strong support level, where the price can consolidate.
Fundamentally last two weeks Litecoin's (LTC) price dropped more than 20% for a short time. BTC had a drop of more than 17%, those kinds of numbers are speaking of a new bearish trend coming. As I said in the last Ethereum's (ETH) prediction a bearish trend is coming. Litecoin's (LTC) price will retrace one way or another probably making new lows.
Technically Litecoin closed a Two Daily Candles under the 21-Candle Moving Average (MA). On another hand, we have a Low Volume, playing under 50-Candle MA. This is an indicator of a potential big move and spike in a Volume levels (most likely in a negative direction). Litecoin's (LTC) price could test the resistance lines around $63 and $66, but at its current stage price looks too weak to breach above them. The most likely scenario is the trend to retrace finding stronger support, making new lows around $40 price level.
Conclusion
Litecoin's (LTC) price will retrace to find a solid support level. Colored Zone close to $40 is a strong support level, where the price can consolidate.
Good luck!
"If everyone is thinking alike, then somebody isn't thinking."
Fundamentally last two weeks Litecoin's (LTC) price dropped more than 20% for a short time. BTC had a drop of more than 17%, those kinds of numbers are speaking of a new bearish trend coming. As I said in the last Ethereum's (ETH) prediction a bearish trend is coming. Litecoin's (LTC) price will retrace one way or another probably making new lows.
Technically Litecoin closed a Two Daily Candles under the 21-Candle Moving Average (MA). On another hand, we have a Low Volume, playing under 50-Candle MA. This is an indicator of a potential big move and spike in a Volume levels (most likely in a negative direction). Litecoin's (LTC) price could test the resistance lines around $63 and $66, but at its current stage price looks too weak to breach above them. The most likely scenario is the trend to retrace finding stronger support, making new lows around $40 price level.
Conclusion
Litecoin's (LTC) price will retrace to find a solid support level. Colored Zone close to $40 is a strong support level, where the price can consolidate.
Good luck!
"If everyone is thinking alike, then somebody isn't thinking."
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