Litecoin Price Weekly Analysis – Buyers Beware

Key Highlights

  • Litecoin price after attempting a correction failed, and currently heading lower.
  • The price breached a monster support area, which is signaling towards more declines ahead.

Litecoin price clearing a critical support area is a warning sign to buyers and could ignite a downside move.

Litecoin price solid run towards the upside failed around $8.98, as it traded lower. The downside was stalled around $3.24. It was a monster decline, as pointed in the previous weekly analysis. However, buyers made an attempt to take the price higher, but the upside was stalled just below the 38.2% Fib retracement level of the last drop from $8.98 to $3.24.

Trend Change

There was a bullish trend line formed on the 4-hours chart of Litecoin price chart, which was breached by sellers after the price failed around $5.50. If this turns out to be a real break, then we might witness a down-move in the near term. The price has just settled below the 100 simple moving average, which is a negative sign and could increase the bearish pressure. We need to see whether sellers manage to gather pace, as there are many signals for more losses moving ahead.

LitecoinRead more ... source: TheBitcoinNews