Litecoin must hold on to the reaction and impact of the double-bottom pattern in order to recover towards $100. The prevailing trend is technically bullish but the presence of the sellers cannot be ignored. Litecoin plunged below $50 as predicted in most of the analyses discussed this week. The tentative support at $54 gave in to the forceful selling pressure. Neither did the next support at $50 help to avert the slide. LTC/USD explored the lows towards $48 before making a shallow recovery above $50. The formation of a double-bottom pattern is a silver lining for Litecoin. In other words, a blessing in disguise. However, its impact will depend on the bulls’ ability to sustain accrued gains and go all-in with confidence that this time or recovery and $100 is nigh. Meanwhile, the MACD is below the mean line. The very visible bearish cross suggests that Litecoin will continue to be depressed towards $50. The Relative Strength Index (RSI) suggests that a reversal is in the offing. The RSI is in the oversold (below 30) but gradually sloping upwards. Correction above $54 and $60 hurdles respectively will go a long way in securing the move towards $100. LTC/USD 4-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 S&P stands by its Hong Kong rating despite turmoil – Bloomberg FX Street 3 years Litecoin must hold on to the reaction and impact of the double-bottom pattern in order to recover towards $100. The prevailing trend is technically bullish but the presence of the sellers cannot be ignored. Litecoin plunged below $50 as predicted in most of the analyses discussed this week. The tentative support at $54 gave in to the forceful selling pressure. Neither did the next support at $50 help to avert the slide. LTC/USD explored the lows towards $48 before making a shallow recovery above $50. The formation of a double-bottom pattern is a silver lining for Litecoin. In other words,… 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.
