Litecoin Price Analysis: 43.50 looks like a strong support level

Litecoin is trading 0.86% lower on Thursday as crypto sentiment remains weak.
There are some key levels on the downside to keep an eye on.

LTC/USD 1-hour chart

There is a head and shoulders pattern that has emerged on the hourly chart which could send the price lower. But stopping this there is also a stubborn support level at 43.50 which the bears need to crack. To add it the bearish woes the price is also trading below the 55 and 200 moving averages.

For the bearishness to be confirmed the black trendline at the bottom of the chart will also need to be taken out. Looking at the technical indicators the MACD and the Relative Strength Index are also looking bearish.

The MACD histogram has dipped below the mid-point and the signal lines have also moved below the zone too. The Relative Strength Index has dipped below 50 and there is still space for it to move into the oversold area. Overall, the market is looking bearish and the head and shoulders target will take the price close to the 42.00 area but first, the trendline needs to break and then the bear will be in charge.

Additional levels

LTC/USD

Overview
Today last price	43.68
Today Daily Change	-0.3570
Today Daily Change %	-0.81
Today daily open	44.037

Trends
Daily SMA20	45.732
Daily SMA50	45.1999
Daily SMA100	42.9679
Daily SMA200	49.506

Levels
Previous Daily High	45.0049
Previous Daily Low	43.0065
Previous Weekly High	47.1719
Previous Weekly Low	41.452
Previous Monthly High	50.0012
Previous Monthly Low	39.3673
Daily Fibonacci 38.2%	44.2415
Daily Fibonacci 61.8%	43.7699
Daily Pivot Point S1	43.0274
Daily Pivot Point S2	42.0178
Daily Pivot Point S3	41.029
Daily Pivot Point R1	45.0258
Daily Pivot Point R2	46.0145
Daily Pivot Point R3	47.0241

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