- Litecoin price struggled to break an important resistance area near $3.80-85 as shown in the 4-hours chart (price feed from HitBTC).
- At the same time there is a major support area formed near $3.50 that may prevent the downside move.
- On the hourly chart (price feed from Bitfinex), the 100 simple moving average is preventing losses in the short term.
Litecoin price is facing a tough time and trading in a tiny range of $3.80-$3.50 that holds the key in the near term and may cause a breakout.
100 Hourly MA as Pivot Area
Litecoin price traded a few points lower, as anticipated in yesterday’s post. However, the head and shoulders pattern highlighted in yesterday’s post is still in making, and only if there is a break and close below $3.50 we may witness a decline. The price moved lower Intraday, but found support near the 61.8% Fib retracement level of the last wave from the $3.46 low to $3.78 high (price feed from Bitfinex).
The stated fib retracement level prevented the downside, as the 100 hourly simple moving