Litecoin Price Analysis: LTC/USD Remains at a Risk

Litecoin Price Analysis: LTC/USD Remains at a Risk

The price already tested the $170 support yesterday and formed a low. It recovered a few points, but the 23.6% Fib retracement level of the last drop from the $192 high to $171 low acted as a resistance.

There is also a connecting short term bearish trend line forming with resistance at $175 on the hourly chart of the LTC/USD pair. The pair is currently moving lower and it seems like it could retest $170.

Should the price fails to hold the $170 support, there could further increase in bearish pressures and the price may decline towards $160. On the flip side, if there is a break above the $175 level, the price may test the $180-182 resistance.

The $182 level is significant since it is near the 50% Fib retracement level of the last drop from the $192 high to $171 low. Moreover, the 100 hourly SMA is also around $182. Therefore, $182 could act as a strong resistance.

A close above $182 could initiate a decent recovery, but until then the pair remains at a risk.[/i]

[i]Trade safe traders and do not overtrade!

14.03.2018 / 01:20 54
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