Litecoin Price Technical Analysis for 02/12/2015 – Sell Target Achieved

Key Highlights

  • Litecoin price fell sharply lower as our highlighted Double Top pattern on the hourly chart played well and pushed the price lower (data feed from Bitfinex).
  • The price broke a major support area near $3.50, suggesting more losses in the near term.
  • There might be a minor correction moving ahead as the hourly RSI is around the oversold readings.

Litecoin price was crushed Intraday, as sellers managed to gain control taking it below a critical support area of $3.50.

More Losses Ahead or Recovery in Litecoin Price?

Litecoin Price Technical AnalysisLitecoin Price Technical Analysis

Litecoin price fell sharply Intraday, and traded towards $3.30 support area after breaking $3.50. Our highlighted Double Top pattern on the hourly chart turned out to be a game changer and ignited a downside move (data feed from Bitfinex). Once the price cleared the 100 hourly simple moving average, the downside was swift. The price has now settled below a crucial support area of $3.50, which may act as a resistance if the price corrects higher from the current levels.

Let’s say the price attempts to recover from the current levels, then it may

Read more ... source: NewsBTC USA