Litecoin technical analysis: LTC/USD dancing on the edge of the $70 cliff

• Litecoin price still holds position above the main long-term trendline in spite of the correction from 2019 high $146.27.
• Litecoin must clear the resistance at $77-80 to open the door for a retracement towards $100.
• The new pivotal level is $70 although Litecoin technical point towards an ongoing bearish action.

Spot rate: $70.55

Relative change: -0.28

High: 71.7032

Low: 70.1969

Trend: Bearish

LTC/USD daily chart

Litecoin hanging on the edge of a cliff; if $70 short-term support caves in, it could refresh $60 support.

Recovery will continue to be limited towards $100 level mostly capped by the 100 Simple Moving Average at $87.29 and 200 SMA at $99.039.

LTC/USD 4-hour chart

Litecoin price is trading between the 200 SMA 4-hour resistance and the 100 SMA 4-hour support.

The accelerated trendline (dotted) is likely to give in to declines but a major trendline will be of importance later.

The Elliot wave oscillator is in its third bearish session in a row.