[LTC] Litecoin Price Analysis: LTC/USD Retreats From Highs

Litecoin cost traded over the $180 degree before confronting immunity from the US Dollar. LTC/USD diminished and it traded under the $170 service level. Litecoin cost began a drawback correction after trading as large as $183.36 (Statistics feed of Kraken) from the US Dollar. There has been a fracture below a significant bullish fashion line with service at $167 on the hourly chart of this LTC/USD pair. The set is currently trading under the $165 service and it stays at a danger of further losses.

Litecoin Price Forecast

Last week, you will find decent profits in the 160 swing reduced in litecoin cost against the US dollar. Taking a look at the graph, the cost traded over the $180 level and shaped a top at $183.36. Afterwards, it began a drawback correction and dropped under the $175 support.

More to the point, there was a break below a significant bullish fashion line with assistance in $167 on the hourly chart of this LTC/USD pair. The pair dropped and broke the 165 service, and settled under the 100 hourly easy moving average.

Right now, the cost is trying a close below the 50% Fib retracement level of the previous wave by the $142.50 swing reduced to $183.36 high. When there’s a break and near $160, the purchase price may decline further towards the $155 support. The present cost activity is very bearish and it feels like LTC is in danger of greater declines toward $155 or even $154.

Only a close above the $165 resistance could drive litecoin cost back in a zone that is positive. In general, LTC/USD may diminish further towards $155 where buyers will likely have a stand. Trade safe dealers and don’t overtrade!