Technical Analysis LTC/USD: As the crypto rout continues where could Litecoin find support?
|- All of the crypto majors are in freefall today
- Litecoin is heading to the psychological support area of 70.00
- Technical trendline could help buyers find support
-637019934950784483.png){kind=link}
As all the major coins are in freefall today LTC/USD is coming up to very important levels.
One major zone is the 70.00 support used a couple of times to good effect on this chart. On the far left of the chart in July last year, you can see the 70.00 level used as support and it held twice very well. Then after breaching to the downside the market then retested the level in September before moving back down.
This time around the 70.00 area confluences with a long term trendline originating in December and bouncing once again in February through to March. The two factors coupled with a bullish cross of the Stochastic moving averages could help the pair stem its losses.
However one thing concerning is the massive head and shoulders formation on the chart, We are now an important point and if 70.00 is broken we could see a move down to around 50.00 according to the laws of the formation. Remember there are some key fundamental announcements on the way including the ETF decision next month.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.