ForexMinute.com — After enjoying an uninterrupted rally in past few days, Litecoin went back being depressive thanks to a notable buying pressure that occurred at peak. Lets have a look:
Litecoin 4H Chart
There seems to be a strong bearish bias in the market, explains the technical indicators. The Litecoin price is clearly holding below the 50-, 100- and 200-H SMA, while the 4H RSI has also dropped inside a selling region. The MACD, on the other hand, is just dipping inside the negative territory, while staying below the signal curve.
At this point of time, traders’ focus should be more on downside risk levels, the pivot of which is near 1.40. As you can see the 4H chart above, the Litecoin price has already broken below the 1.40 level, and is clearly looking towards extending its downside momentum. This automatically puts pressure on the next downside risk near 1.35.
However, a break above 1.40 would bring back the old-gold bullish signals back to Litecoin market. There, the in-term resistance near 1.45 will be back in sight, sighting upside risk near 1.50 — the intra-week peak.