Litecoin Approaches Key Long Term Support
Litecoin bounced off highs and poised for decline.
Support levels pass at ₿0.0058 and ₿0.0056.
Price located in the area of long-term support.
It is possible that the decline took place against the background of the fall course bitcoin. Also, perhaps the price is echoing the March short-term pattern that led to a similar bearish breakout. Cryptocurrency analyst and trader @TradingTank notes on the LTC chart that the price is within a symmetrical triangle, and within the previous similar pattern (March 9), the quotes subsequently showed a rather aggressive decline.
Do you like my $ LTC drawing? #Chartwork pic.twitter.com/ ZfwXwHZVN2
– Trading Tank (@TradingTank) April 9, 2020
Will the March pattern repeat in this time? If yes then where is the token As usage grows cryptocurrencies new species appear tokens. They are may personify value or something intangible like, eg, vote. Two… More will meet support? Below we will try to answer this question..
Daily charts paint a bearish picture.
Price bounced off resistance ₿0.0064 and now forms a bearish engulfing candlestick pattern. The symmetrical triangle, mentioned in the tweet, formed when a similar engulfing pattern appeared on March 8, on which is indicated by a blue arrow. If the scenario repeats itself, the altcoin can fall to the descending support line that coincides with the zone support ₿0.0056.
Bearish 50- and 200-day moving average crossover supports a bearish scenario.
WITH moment After publishing a tweet, LTC managed to break through the triangle and now, in the short term, the price can retest the recently broken descending line resistance, and the support zone ₿0.0058, which is able to slow down the decline from subsequent jerk to next support.
On a weekly graphics LTC continues to trade directly near the strong support zone, which earlier served as a catalyst for an upward movement. Besides Togo, weekly RSI gives pretty strong signals bullish divergences.
Until, until LTC Will Not Show Decisive Weekly Close Below of this level, current decline considered short-term, with the prospect of resuming the bullish move.
So, LTC broke through the short-term pattern and Now. Rather Total, will continue to fall towards the support levels indicated above. Wherein quotes continue to trade in district long term support. As long as the integrity of this support is not broken, the current decline is not considered a breakout of the long-term trend, and after a drawdown, the token may resume growth.
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