LTCUSD Price Key Highlights
- LTCUSD price finally made it out of its tight consolidation pattern on the 1-hour time frame, deciding to head south.
- Price broke below the triangle support at 3.150 and might be headed for the pattern’s lows at 2.900.
LTCUSD price might be in for more losses from here, as it broke below a sideways consolidation pattern and allowed bears to take control.
Mixed Technical Signals
Technical indicators are all over the place, though, with the moving averages still oscillating and unable to pickup on the change in direction. However, a downward crossover might be enough to confirm that LTCUSD price is facing further downside.
Stochastic is on the move down, confirming that bearish pressure is present. This might be enough to push LTCUSD price to the latest lows or much lower. On the other hand, RSI appears to be climbing out of the oversold region, hinting that bulls could still put up a fight.
If that happens, price could pull up to the broken triangle support before resuming its longer term drop. The weekend is coming up anyway, which suggests that traders might be looking to book quick profits before reestablishing their positions later on.
The average directional index is edging higher, potentially indicating a return in trending market conditions. In that case, the downtrend could pick up steam and allow dollar strength to weigh on LTCUSD price for much longer.
Intraday support level – 2.900
Intraday resistance level – 3.200
Technical Indicators Settings:
- 100 SMA and 200 SMA
- Stochastic (8, 3, 3)
- RSI (14)
- ADX (14, 14)
Charts from Bitfinex, courtesy of TradingView