Is Litecoin about to lose all it's April gains?
PRICE ACTION
LTC closed below the bearish threshold in a big way; down over 10% at time of publishing. Unless a lot of bullish capital comes in over the next 90 minutes; the current price also invalidates the hidden bullish divergence that was forming on the 4H chart.
Looking at the 1W chart, it shows that this $75-$80 range was supportive for a few weeks back in June 2018. However, looking at the weekly volume; it is reasonable to believe that bears have not put a lot of force into turning the price (yet...?).
If this current area fails; look for support @ $70 which is currently where the 28D MA is; and closely below is the 52W MA @ $68. This area also acted as resistance in September 2018; so it will be interesting to see whether it returns to a support role on any future test.
OPEN INTERESTS (BITFINEX)
Long: 1.36 Days
Short: 0.65 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 70 (28D MA), 68 (52W MA)
PREVIOUS ANALYSIS
LTC closed below the bearish threshold in a big way; down over 10% at time of publishing. Unless a lot of bullish capital comes in over the next 90 minutes; the current price also invalidates the hidden bullish divergence that was forming on the 4H chart.
Looking at the 1W chart, it shows that this $75-$80 range was supportive for a few weeks back in June 2018. However, looking at the weekly volume; it is reasonable to believe that bears have not put a lot of force into turning the price (yet...?).
If this current area fails; look for support @ $70 which is currently where the 28D MA is; and closely below is the 52W MA @ $68. This area also acted as resistance in September 2018; so it will be interesting to see whether it returns to a support role on any future test.
OPEN INTERESTS (BITFINEX)
Long: 1.36 Days
Short: 0.65 Days
RELATIVE STRENGTHS
- Micro (5m): Weak
- Short Term (4h): Weak
- Mid Term (1D): Weakening
- Macro (1W): Weakening
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): ATH
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 70 (28D MA), 68 (52W MA)
PREVIOUS ANALYSIS