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Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)

Fri, 06 Dec 2019, 11:16 am UTC

LTC/USD chart - Trading View

Exchange - Coinbase

Support: 42.45 (Trendline); Resistance: 46.30 (200H MA)

Technical Analysis: Bias Bearish

Litecoin extends sideways grind, trades capped at 5-DMA (44.86).

LTC/USD was trading 1.00% lower at 44.39 at 11:00 GMT, after closing 0.34% higher in the previous session.

The pair has paused downside above trendline support (42.45), bias is turning neutral.

Formation of back-to-back Dojis at lows dents continuation of the downtrend.

Furthermore, 'Bullish Divergence' on RSI seen on the hourly charts raises scope for further gains.

200H MA is strong resistance at 46.30. Break above could see gains till 21-EMA at 48.81.

That said, major and minor trend for the pair remain bearish. The pair finds strong support at trendline at 42.45. Break below will see drag till 36.29 (88.6% Fib).

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