Litecoin Analysis: Bears Are Active
Increase in bearish strength and failure of consolidation around 54 implies more selling. Target in this case would be 42 or lower.
Litecoin analysis for today is carried out on the 6 hour timeframe [log scale]. Previous analysis highlighted the tentative channel to provide context for bullish price action since the 22.844 price low achieved on December 14, 2018.
April 23, 2019 price close outside of the channel is bearish for Litecoin, with price level between ~63.70 and 54.23 anticipated as support. The lower boundary of previous bullish channel (in color red) also coincides with the lower region of horizontal support i.e. 54.23.
This increases the chances of Litecoin consolidating around 54 prior to the resumption of bullish momentum. Lack of support at 54 and a break below implies increase in bearish strength and target in this case would be 42 or lower.
Litecoin analysis for today is carried out on the 6 hour timeframe [log scale]. Previous analysis highlighted the tentative channel to provide context for bullish price action since the 22.844 price low achieved on December 14, 2018.
April 23, 2019 price close outside of the channel is bearish for Litecoin, with price level between ~63.70 and 54.23 anticipated as support. The lower boundary of previous bullish channel (in color red) also coincides with the lower region of horizontal support i.e. 54.23.
This increases the chances of Litecoin consolidating around 54 prior to the resumption of bullish momentum. Lack of support at 54 and a break below implies increase in bearish strength and target in this case would be 42 or lower.
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