Litecoin price under downside pressure

Litecoin price is changing hands at $100.00 despite some range-bound trading, the coin stays under bearish pressure following a strong sell-off.

8 August 2019, OctaFXThe price of Litecoin is under pressure on Thursday as the fifth-largest cryptocurrency by market capitalization fails to attract interest above the $100.00 level.

Litecoin price technical analysis

If Litecoin slides below the $82.00, the pair could become a strong medium-term buy around the $70.00 level. The four-hour time frame is currently showing a bearish head and shoulders pattern that is continuing to unfold to the downside.

  • The LTCUSD pair is only bullish while trading above the $100.00 level, key resistance is found at the $105.00 and $120.00 levels.

  • If the LTCUSD pair trades below the $100.00 level, key support is found at the $82.00 and $70.00 levels.

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This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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