Litecoin price started a minor downside move and traded below $100.00 against the US Dollar. LTC/USD is currently eyeing further downsides toward $95.00.
Key Talking Points
- Litecoin price failed to move above the $104.00 resistance against the US Dollar.
- There is a short-term bearish trend line forming with resistance near $100.00 on the hourly chart of LTC/USD.
- The pair might decline once again towards the lower end of the range support at $95.00.
Litecoin Price Forecast
It was a long struggle to move above the $104.00 resistance by Litecoin price against the US Dollar. The LTC/USD pair could not move above the $104.00 barrier and started a downside reaction. It was also due to the solid rise in bitcoin price above $13,500.
The pair declined below the $100.00 support area and even moved below the 100 hourly simple moving average. There was also a break below the $96.00 support and the pair traded toward the $95.00 level. A low was formed at $94.93 and later the price started an upside correction.
It moved above the 23.6% Fib retracement level of the last decline from the $104.00 high to $94.93 low. However, the upside move was protected by the $100.00 handle. The mentioned $100.00 level was a support earlier and now it acted as a resistance.
Moreover, the 50% Fib retracement level of the last decline from the $104.00 high to $94.93 low also acted as a major resistance. On the upside, there is a short-term bearish trend line forming with resistance near $100.00 on the hourly chart.
The trend line resistance near $100.00 is important since it is near the 100 hourly SMA. If the price fails to move above the $100.00 level once again, there is a chance of it declining back towards $95.00 in the near term.
It seems like the short-term trend is now bearish below $100.00-102.00. The current rise in bitcoin price has to stop before litecoin price can move above $104.00 and $110.00.
Trade safe traders and do not overtrade!
