Trading below the $120 level, the Litecoin or LTCUSD formed a Three Outside down bearish reversal candlestick pattern. Here is the 10-12 April Litecoin Technical Prediction.
10 April, AtoZForex – Today, the Litecoin (LTCUSD) dropped 1.26% trading at $113 mark and trading in a range-bound zone since past few days. Now, the Litecoin has a market cap of $6.37 Billion, dropped almost 50% since January 18. In the last 1 Week, the price has moved by $ -10.11 (-8.17%) with a total volume of over $ 484.89 Million. The weekly highest price, $ 137.40, was on Tuesday, 03 April 2018 and the weekly lowest price, $ 111.79, was on Tuesday, 10 April.
Fundamentally, the crypto-market saw a significant drop in the past few weeks due to Ban on crypto-ads service by Google, Facebook & Twitter, the China-US trade war, Indian Central Bank Limits Banking Services for Crypto Firms. Is it the right time to trade LTCUSD?
10-12 April Litecoin Technical Prediction
The Three Outside down bearish reversal candlestick pattern has completed in the 1D timeframe. This pattern is a more reliable addition to the standard Engulfing pattern. A Bearish Engulfing pattern occurs in the first two candles. The third candle is a black one with a lower close than the second candle. The third candlestick is confirmation of the bearish trend reversal.
The 100 SMA is still above the longer-term 200 SMA to signal that the path of least resistance is still to the upside. According to Fibonacci retracement charts, the LTCUSD pair is trading below the 23.6% Fibo retr. zone and consolidating at the range bound zone. On the upside, the hike above $120 mark would reduce the immediate downside pressure and allow extended recovery towards $130- 135 handle.
On the daily charts, the LTCUSD pair still struggling to break the daily strong resistance zone. Also, if the LTCUSD pair failed to sustain the $110 levels than a downward pull towards $105- 107 level could be seen.
The relative strength index(14) value is below 50 which means Sell in daily timeframe.
The MACD(12,26) value is -15.04 gives selling signal in daily charts.
Moreover, according to ATR(14), the LTCUSD pair is Less volatile.
The Litecoin has significant daily support near $105 and resistance at $132 level.
LTCUSD Weekly Pivot Point
What’s your opinion on the 10-12 April Litecoin Technical Prediction? Let us know in the comment section below.