Litecoin Price Won’t Go Quietly – Risk of Bounce Grows

Key Highlights

  • Litecoin price after surging higher towards $4.30 found resistance and moved down sharply to trim all its gains.
  • A support trend line on the hourly chart (price feed from Bitfinex) was also cleared during the downside drift.
  • However, a bullish trend line the 4-hours chart (data feed from HitBTC) is holding the downside and may ignite an upside move.

Litecoin price was crushed this past week after it gained momentum, but it looks like it won’t go down quietly and may bounce once again.

Trend Line Support on 4H

There was a nice ride in Litecoin price this past week, as it traded close to $4.30 where it found offers. There was a sharp downside reaction taking the price below a bullish trend line on the hourly chart (price feed from Bitfinex). The price also settled below the 100 hourly simple moving average, which is a sign that bears managed to gain traction. The price traded as low as $3.49 where it found bids, and currently making an attempt to correct higher.

Litecoin Price chartLitecoin Price chart

A major resistance on the upside is around the 100 hourly

Read more ... source: NewsBTC USA