Litecoin (LTC) Price Analysis: Short-Term Bearish Move Signals Incoming Sell-Off For Litecoin

Litecoin (LTC) Price Analysis: Short-Term Bearish Move Signals Incoming Sell-Off For Litecoin

The bears have continued to extend their stay in the market as Litecoin trades below the $60 which was rejected on October 9. At the same time, the latest price drop is keeping the market in a bearish condition. We can expect the bulls to gain control of the market if the crypto trading signals a break above the short-term resistance. However, Litecoin is down by -2.04% over the last few hours with a more bearish outlook.

Litecoin (LTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $57, $60, $63, $70
Key support levels: $50, $47, $43, $40

Litecoin’s volatility is fading away on the daily chart as price surge lurks around on the descending wedge pattern. As it appeared now, Litecoin is at the verge of rolling over to the wedge’s support but the price slowly drops. We can expect the price to slip at $50, $47, $43 and $40 support as soon as the selling pressure trigger heavily.

LTCUSD, Daily Chart – October 17

As we can see, the technical indicators are still hovering around their negative zone. Pushing through the mid-level could sense a bullish move for the LTC/USD pair, bringing the market to $57 and $50 resistance before we can see a price break to $63 and $70. But it is now, the crypto trading signals that the bears are still present.

Litecoin (LTC) Price Analysis: Hourly Chart – Bearish

The weekly short opening has made the Litecoin’s price to following a bearish scenario on the 4-hour chart as the trading shapes inside a descending channel pattern. After rebounding at the channel support, the price is now nearing the channel’s resistance, where rejection is likely to play out.

LTCUSD, Hourly Chart – October 17

We can expect a price fall to $52 shortly. Meanwhile, the RSI has seen a bullish climb. If the crypto trading signals a cross above the MACD zero level, the price LTC could hit $55 and $57 resistance. For now, a bearish continuation is more likely to play out.

Sell Entry: $54
TP: $51
SL: $55

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Author : Michael Fasogbon


Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.