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Home Technical analysis

Litecoin Price Technical Analysis – Next Leg Lower Underway?

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2min read
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Key Highlights

  • Litecoin price settled below the 100 hourly simple moving average via the data feed from Bitfinex, which is a sign of more declines in the short term.
  • There is a contracting triangle pattern formed on the hourly chart, which is likely to be tested if the price falls from the current levels.
  • Yesterday’s highlighted breakout pattern on the 2-hours chart with the data feed from HitBTC is at risk, as sellers are trying to break it.

Litecoin price remains at a risk of a break down as sellers are attempting to clear a major support area on the 2-hours chart.

Sell Rallies or with a Break?

Our highlighted break for Litecoin price on the 30-min chart via the data feed from Bitfinex was true as the price continued to move down. The price even broke the $3.44 low and formed a new low of $3.42. Now, if we look at the hourly chart via the data feed from Bitfinex, then there is a contracting triangle pattern formed. However, one critical point to note is the fact that the price is now below the 100 hourly simple moving average.

Litecoin Price Technical Analysis

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The price already tested the triangle support area on a couple of occasions, but buyers managed to prevent a downside break. There is a chance that sellers may attempt to take the price down once again. So, buyers could be tested another time around the triangle support area. A break below it may be a bearish call for traders and might take the price all the way towards the $3.80 level. Alternatively, if the price manages to correct higher, then an initial resistance can be around the 50% Fib retracement level of the last drop from the $3.51 high to $3.42 low.

However, the most significant hurdle for buyers is near the 100 hourly simple moving average, as it is positioned with the 61.8% Fib retracement level of the last drop from the $3.51 high to $3.42 low. Any further gains may take the price towards the triangle resistance area where sellers may take a stand.

Litecoin Price Technical Analysis

One other important chart that traders must keep an eye on is the 2-hours chart with the data feed from HitBTC. We highlighted a monster triangle pattern, which may play a key role for the next move in the near term. Currently, sellers are attempting to clear it, if they succeed then there is a possibility of sharp declines moving ahead. Looking at the 2-hours chart, there is a resistance formed near $3.55, which represents the 23.6% Fib retracement level of the last drop from the $3.79 high to $3.46 low. The stated level holds a lot of importance as it is coinciding with the 100 simple moving average (2-hours).

Looking at the indicators:

Hourly MACD – The MACD is in the bullish zone, which is contradicting all other bearish signs.

Hourly RSI – The RSI is below the 50 level, which is a sign of more declines moving ahead.

Intraday Support Level – $3.42

Intraday Resistance Level – $3.50

 

Charts from Bitfinex and HitBTC; hosted by Trading View

Tags: Litecoinlitecoin price chartLitecoin Price Intraday Analysislitecoin price technical analysistrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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