LTCUSD Price Key Highlights
- LTCUSD price could be in for a reversal from its short-term selloff, as an inverse head and shoulders pattern can be seen on its 1-hour time frame.
- Price has yet to break above the neckline to confirm the potential uptrend, which might take it up to the 3.600 resistance level.
LTCUSD price seems to be tired from its recent dive and is gearing up for a rise until the nearby resistance levels.
Mixed Technical Signals
Technical indicators aren’t painting a very clear picture of where LTCUSD price might go next. Stochastic is on the move down but appears to be turning higher from just above the oversold region, hinting at a pickup in bullish momentum. On the other hand, RSI is still heading south, which means that sellers are in control.
The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. In that case, the current levels might still keep gains in check and push LTCUSD price to its previous lows at 2.930.
Waiting for candlestick confirmation could provide more clues on where litecoin is headed next, as price is also consolidating around an area of interest at 3.200. The neckline of the inverse head and shoulders pattern is located around the 3.300 handle so a long green candle closing above that level could indicate that an uptrend is underway.
On the other hand, reversal candlesticks such as dojis or spinning tops around the current levels could be a sign of hesitation among buyers. This could open the opportunity for more sellers to take advantage of the lack in buying momentum, allowing LTCUSD price to carry on with its slide.
Intraday support level – 3.140
Intraday resistance level – 3.320
Technical Indicators Settings:
- 100 SMA and 200 SMA
- Stochastic (8, 3, 3)
- RSI (14)
Charts from BitFinex, courtesy of TradingView