Litecoin price is extending declines and is currently below $180 against the US Dollar. LTC/USD could continue to move down towards the $170 and $165 support levels.
There was a new downside wave initiated from the $193 swing high in litecoin price against the US dollar, as discussed yesterday. The LTC/USD pair broke the $185 and $180 support levels to settle well below the 100 hourly simple moving average.
The pair recently broke the 50% Fib retracement level of the last leg up from the $165 swing low to $193 high. Moreover, there was a break below a connecting bullish trend line at $185-186, as pointed out yesterday.
Litecoin Price Analysis: LTC/USD Just Broke Trend Litecoin Price Analysis: LTC/USD Preparing for Bull At the moment, there is a descending channel forming with resistance at $180 on the hourly chart of LTC/USD pair. The pair is likely to extend declines in the near term towards $170.
An intermediate support is around the 76.4% Fib retracement level of the last leg up from the $165 swing low to $193 high at $172. If litecoin buyers need to gain control, they have to push the price above the channel resistance at $180. Read more from ethereumworldnews.com…
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