Both of the 50 and 100 Simple Moving Averages will limit gains in case of a reversal. Expect LTC/USD to bounce in the direction of $60 and probably test the resistance at $62 before staging a move towards $70.00. LTC/USD is recording the highest losses among the top ten cryptocurrencies today. The losses come after the crypto failed to break past the high formed at $61.2. A look at the hourly chart shows Litecoin trending lower below $60 (current pivotal level). In fact, it has corrected downwards slightly over 2% on the day to exchange hands at $59.35. Besides, the strongly bearish trend is likely to continue following the failure by the 50 SMA to double-cross above the longer term 100 SMA 1-hour. Both of the 50 and 100 Simple Moving Averages will now limit gains in case of a reversal. Taking you back to the trend towards the end of last week; we saw LTC/USD revive the uptrend from the support at $55.00. The price scaled the levels and closed the week’s trading on Sunday in bullish around $62.00. However, the trend turned bearish on Monday morning (GMT) where Litecoin experienced a flash drop below $60.00. Declines progressed below $59.00 but support was formed between $58 and $59.00 (key zone on the 1-hour chart). The ongoing bearish trend is likely to test this support zone that has been tested severally. Therefore, I expect a bounce heading to $60 and probably test the resistance at $62 before staging a move towards $70.00. However, it important to note that the bears are mainly in control and the RSI on the same hourly chart is sloping downwards. Similarly, the MACD has slipped under the mean line (0.0) and does not seem to be in a hurry to recover. Traders should, therefore, look out for other support levels such as $55.00, $53.00 and $45.00. LTC/USD 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US Dollar Index extends the rebound above 96.00 FX Street 4 years Both of the 50 and 100 Simple Moving Averages will limit gains in case of a reversal. Expect LTC/USD to bounce in the direction of $60 and probably test the resistance at $62 before staging a move towards $70.00. LTC/USD is recording the highest losses among the top ten cryptocurrencies today. The losses come after the crypto failed to break past the high formed at $61.2. A look at the hourly chart shows Litecoin trending lower below $60 (current pivotal level). In fact, it has corrected downwards slightly over 2% on the day to exchange hands at $59.35. Besides, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.