Get the best parts of DailyFX.com in the new DailyFX App Short term trading and intraday technical levels Litecoin is down nearly 60% year-to-date with prices approaching the yearly lows after breaking February trendline support earlier this week. The decline is approaching initial areas of support that could offer a reprieve.
Here are the key levels that matter for LTC/USD. Notes: Litecoin prices have more than 20% since the start of June with the decline now eyeing confluence support here around ~89.23.
This region is defined by near-term channel support (red), the lower parallel of the broader pitchfork (blue) and the September high-day close. Note that a longer-term trendline extending off the June lows comes in just lower and IF prices are going to see any relief, this would be the first spot to look.
Initial resistance stands with the 50-line around 101/02 with broader bearish invalidation at the monthly open at 118. A break lower from here targets the 11/29 swing low / 88.6% retracement at 76/78 – look for a stronger reaction there. Read more from dailyfx.com…
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