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Crypto Technicals: Litecoin (LTC) flashing signs of weakness, bearish engulfing and overbought oscillators weigh

Thu, 19 Sep 2019, 08:18 am UTC

LTC/USD chart - Trading View

Exchange - Coinbase

Support: 71.72 (21-EMA); Resistance: 78.10 (55-EMA)

Technical Analysis: Bias turning bearish

LTC/USD was trading 4.95% lower on the day at 73.90 at 07:55 GMT, bias is turning bearish.

The pair is struggling to break past stiff resistance at 55-EMA at 78.09, 'Death Cross' keeps upside limited.

Price action is on track to form a 'Bearish Engulfing' pattern on the daily chart which might plummet prices.

Further, oscillators are in overbought territory, ripe for roll-back into neutral zone.

Major trend is bearish and Stochastics RSI is also at highly overbought levels.

21-EMA is immediate support at 71.70, break below will see dip till lower Bollinger band at 63.09.

On the flipside, breakout above 55-EMA (78.10) required for upside continuation.

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