Litecoin (LTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $49.5, $60
Key support levels: $42.6, $40
The market structure for Litecoin shows that the bearish bias is still very much dominant on the daily outlook. We can see that the downward range is quite significant in a descending channel. Though, the bearish pressure was recently paused by the November 25 rebound at $42.6. The price of LTC may continue to fall if the bears resume pressure in the market.
However, the key support to look out for is $42.6, followed by a possible low at $40. Since last month, Litecoin has found support on the RSI 30 level. Conversely, the MACD is slowly rising back from the negative zone. If the market continues to recover, Litecoin is likely to climb back to $49.5 and $60 resistance before breaking or bouncing.
Litecoin (LTC) Price Analysis: Hourly Chart – Bullish
Following December 4 sudden price increase to $47.5, Litecoin dropped to $44 but now trading well inside a rising channel. Just about an hour ago, from $46, LTC fell sharply to channel’s support at $44.5. We can expect the price to bounce back to $45.5 and $46.5 resistance shortly. Despite the latest price drops, Litecoin is still considered bullish on the hourly chart as long as the channel pattern holds.
A price break would cause a lot of bearish pressure in the market as $44 and $43 may be explored. The latest sharp fall is revealed on the hourly RSI, making the LTC reach an oversold region. A price recovery can be expected soon. More so, Litecoin has now seen a bearish cross on the MACD indicator – suggesting potential sellers in the market.
LITECOIN BUY SIGNAL
Buy Entry: $44.7
TP: $46.5
SL: $44.3
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