Litecoin Price Intraday Analysis for 23/11/2015 – Still Capped by $3.20-30

Key Highlights

  • Litecoin price continued to trade below a major pivot area of $3.20-30 (price feed from Bitfinex) and failed to move higher.
  • A descending channel is now formed after the price failed to break the stated resistance area.
  • It is trading near a crucial juncture, as a break below the channel support may call for another round of selling.

Litecoin price is having a tough time and may continue to trade lower as seller’s steps in to prevent gains every time buyers take it higher.

100 MA as Catalyst

Litecoin Price Intraday Analysis Litecoin Price Intraday Analysis

There was a decent upside ride in Litecoin price this past week, as it found support near $3.00 for a move higher. However, it looks like $3.20-30 is acting a monster barrier for buyers, as they failed on a couple of occasions to break it. There is now a descending channel formed on the hourly chart (price feed from Bitfinex) that may produce a break in the near term.

A critical point to note is that the channel upper trend line is aligned with the 100 hourly simple moving average

Read more ... source: NewsBTC USA