LITECOIN BREAKS BELOW AND TEST KEY SUPPORT ZONE OF 162.00
Cryptocurrency Litecoin gave up a 20% gain and tumbled back to Earth following a fake press release sent out by GlobeNewswire that referenced a partnership with Walmart on September 13th. After that, on September 16th, Litecoin entered a tumbling mode after it hit resistance at $192.00. Then, on September 20th, it broke below the upside strong support line tested six times from August, and it fell below the key support (now turned into resistance) zone of $162.00. That zone had been acting as a floor for the crypto since August 10th. With all these technical signs in mind, the experts would consider the short-term picture negative, but the price is at a turning point, and all traders will watch it carefully.
Yesterday, Litecoin hit support at $146.00, and then it rebounded. However, even if the rebound continues for a while more, we see decent chances for the bears to retake charge from near the $162.00 area. A forthcoming wave may result in another test at $146.00, the break of which could pave the way towards the $136.00 zones. If that area is not able to hold either, then a lower break may set the stage for extensions towards the $104.00 territory.
On the upside, the experts would like to see a return back above $192.00 before start examining whether the outlook has turned bullish again. As mentioned above the line, the crypto will already be back above the upside and may climb towards the $233.00 area. If that area surrenders, the next hurdle to consider may be the spike high at $250.00.
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Yesterday, Litecoin hit support at $146.00, and then it rebounded. However, even if the rebound continues for a while more, we see decent chances for the bears to retake charge from near the $162.00 area. A forthcoming wave may result in another test at $146.00, the break of which could pave the way towards the $136.00 zones. If that area is not able to hold either, then a lower break may set the stage for extensions towards the $104.00 territory.
On the upside, the experts would like to see a return back above $192.00 before start examining whether the outlook has turned bullish again. As mentioned above the line, the crypto will already be back above the upside and may climb towards the $233.00 area. If that area surrenders, the next hurdle to consider may be the spike high at $250.00.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.