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After enjoying an uninterrupted rally in past few days, Litecoin went
back being depressive thanks to a notable buying pressure that occurred
at peak:
There seems to be a strong bearish bias in the market, explains the
technical indicators. The Litecoin price is clearly holding below the
50-, 100- and 200-H SMA, while the 4H RSI has also dropped inside a
selling region. The MACD, on the other hand, is just dipping inside the
negative territory, while staying below the signal curve.
At this point of time, traders’ focus should be more on downside risk
levels, the pivot of which is near 1.40. As you can see the 4H chart
above, the Litecoin price has already broken below the 1.40 level, and
is clearly looking towards extending its downside momentum. This
automatically puts pressure on the next downside risk near 1.35.