Litecoin Price Analysis: LTC/USD Settled Below $200
However, the upside move was capped by the $188-190 resistance zone. The stated $190 level was a support earlier and now it is preventing gains. Moreover, there was a failure to break the 61.8% Fib retracement level of the last decline from the $195.41 high to $174.04 low.
It seems like the price has settled below the $190 and $200 level and it remains at a risk of more declines. More importantly, yesterday’s highlighted key bearish trend line with current resistance at $188 is intact on the hourly chart of the LTC/USD pair.
Therefore, any major correction from the current levels is likely to be capped by the $185 and $190 levels. In the short term, the price may resume its downtrend and it could even retest the $175 level.
Below the mentioned $175 level, there is a possibility of LTC/USD moving back towards the $150 level. The overall bias is negative and it seems like the price may extend declines as long as it is below $200.
Trade safe traders and do not overtrade!