Crypto Technicals: LTC/USD lacks upside momentum, sideways grind likely before next leg lower
Mon, 09 Dec 2019, 08:25 am UTC
LTC/USD chart - Trading View
Exchange - Coinbase
Support: 45.30 (5-DMA); Resistance: 46.86 (20-DMA)
Technical Analysis: Bias Neutral
LTC/USD has been extending sideways grind, struggles at 200H MA, intraday bias remains neutral.
Price action has held above trendline support (currently at 42.60), but lacks further momentum.
RSI is below 50, major moving averages are biased lower and volatility is shrinking.
The pair has erased around 70% of its value since highs of 146 seen in June 2019.
Major trend still remains bearish and technical studies show no respite from bears yet.
Breach at strong trendline support (42.60) will open downside for the pair. Next major support lies at 36.29 (88.6% Fib).
20-DMA is immediate resistance at 46.86. Break above 100-DMA required for any meaningful gains.
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