Litecoin price failed to move above the $84-85 resistance and declined against the US Dollar. LTC/USD is currently under pressure and it could even break the $73.50 low.
Key Talking Points
Litecoin price started a new downside wave after it failed to move above the $85 resistance (Data feed of Kraken) against the US Dollar.
Yesterday’s highlighted key bearish trend line is intact with resistances at $78 on the hourly chart of the LTC/USD pair.
The pair may perhaps continue to move down and it could break the $74 and $73 levels.
Litecoin Price Forecast
Yesterday, we discussed how litecoin price failed to break an important resistance near $84-85 against the US dollar. The LTC/USD pair started a downside move and settled below the $80 support level.
Looking at the chart, the price was rejected from the $84.00 resistance zone. More importantly, the 38.2% Fib retracement level of the last decline from the $99.80 high to $73.40 low acted as a resistance.
The price started a fresh downside move and declined below the $78 support. It is now trading well below the $80 pivot level and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $73.41 low to $84.10 high.
Therefore, the price may perhaps continue to move down towards $74 and $73. A downside break below the last low of $73.41 could push the price to a new low. It could test the 1.236 Fib extension level of the last wave from the $73.41 low to $84.10 high.
On the upside, the $78.00 level is an initial resistance along with the 100 hourly simple moving average. Additionally, yesterday’s highlighted key bearish trend line is intact with resistances at $78 on the hourly chart of the LTC/USD pair.
Overall, litecoin price is in a bearish zone below $80.00 and it could continue to move down below the $74.00 level in the near term.