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  • Litecoin price retests the $70 resistance zone in a bid to open the door for gains towards the coveted $100.
  • Short-term analysis of Litecoin price maintains a bearish bias as bears fight to force the price under $65 and $60 zones.

LTC/USD daily chart

Litecoin price is trading above a long term descending trendline resistance.

The narrowing gap between the 50-day SMA and the 200-day SMA hints that bullish pressure is not only present but also gaining traction.

LTC/USD 2-hour chart

The Bollinger Band 2-hour upper curve resistance proves impenetrable as LTC/USD slides to seek balance towards $65 short term support.

Litecoin bulls refuse to be discouraged, the RSI maintains the position within the overbought despite the correction.

LTC/USD 1-hour

In the short term, Litecoin has a bearish bias as observed using the Elliot Wave Oscillator. The indicator is on its fifth consecutive bearish session. A short term trendline could offer support and stop the decline to $65 and $60 respectively.