The price of Litecoin started decreasing impulsively from yesterday’s interaction with the horizontal resistance level which indicates hard rejection with the sellers taking control.
As the price fell below the significant support zone which served as an indication of potential uptrend continuation we are likely to see further downside for the price of Litecoin.
- Breakout to the downside below the significant intersection of the ascending trend-line and the horizontal support level seen.
- Further downtrend continuation could be expected.
- The first significant support area would be around $83.
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Litecoin Analysis LTC/USD
From yesterday’s open at $137.7 the price of Litecoin has decreased by 16.15% as it fell to $115.517 at its lowest point. It is currently being traded at $117.36 as it spiked to the downside inside the lower range inside the horizontal resistance area.
On the hourly chart, you can see that the momentum behind the downward move was strong, as the majority of the decrease occurred in one hour.
After yesterday’s interaction with the minor horizontal resistance level ended as a rejection on the second attempt the sellers took control and pushed the price below the significant support area around the intersection of the horizontal level at $122 and the ascending trend-line from 9th of May.
The price has entered the lower horizontal range below $122.32 and the highly significant pivot level at $109.356.
This pivot level is the significant horizontal support in the first half of the bear market in the price of Litecoin and was the final support level out of the support zone whose median level is the $122.32 one.
The next in line to the upside is at $137 which means that on a higher time scale the price came up to the broken support level which was broken on the 10th of June 2018 and retested it for resistance.
Considering that we’ve seen the ending wave to the upside and that the price was exhibited impulsiveness to the downside going below the ascending trend-line and the significant horizontal support level after, I believe that we have seen the end of the bullish upswing from 29th of April.
This means that a higher degree correction is now likely to push the price of Litecoin significant lower by at least 30%. The first significant support zone would be at around $83.
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