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Crypto Technicals: LTC/USD rangebound at cloud base, finds strong support at 55-EMA (61.22)

Fri, 08 Nov 2019, 07:27 am UTC

LTC/USD chart - Trading View

Exchange - Coinbase

Support: 57.91 (50-DMA); Resistance: 65.26 (cloud top)

Technical Analysis: Bias Neutral

After trading relatively bullish in the Asian hours, Litecoin has seen a sudden downside in the past 1 hour.

The pair has dipped 1.38% in the previous hour from highs at 62.17 to hourly low at 61.01.

Technical indicators have turned bearish on the hourly charts. Stochs and RSI support downside.

LTC/USD has managed to hold above 55-EMA support from the past 4 sessions. Weakness only on break below.

Stochastics indicator on the daily charts is at overbought with scope for rollover into neutral zone.

Next major support lies at 50-DMA at 57.91. Break below will see test of 50 levels.

On the flipside, breakout above daily cloud negates near-term bearishness.

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