Litecoin Technical Analysis – Bearish Trend Holds
FxNews – In today’s Litecoin technical analysis, we observe a bounce following the pair’s interaction with the 61.8% Fibonacci retracement level. LTCUSD is currently testing the $70 resistance level, which coincides with the 38.2% Fibonacci level.
The Ichimoku cloud further reinforces this demand zone. As illustrated on the 4-hour chart, the bulls have failed to close above it.
Litecoin Technical Analysis – 4H Chart
Litecoin Technical Analysis – Bearish Trend Holds
Our previous Litecoin technical analysis mentioned that the 38.2% Fibonacci level presents a decent demand area for shorting the pair. That analysis still holds, and we expect the pair to continue its downward trend, reinforced by the bearish flag pattern.
This Litecoin technical analysis will be invalidated if the price crosses above the cloud and stabilizes itself beyond $72.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
