2023-10-11 17:30 |
Litecoin (LTC) has been on a downward trend over the past week, with prices dropping around 4% over the last 7 days. LTC is currently trading around $62, down from highs of $65 last week. According to leading crypto analytics firm altFINS, the technical outlook remains bearish for Litecoin in the short to medium term.
altFINS notes that Litecoin recently broke out from a Channel Down pattern, indicating a continuation of the bearish momentum. However, after the breakdown, LTC has moved into a Sideways Channel between support at $60 and resistance at $70. This indicates indecision in the market and a period of consolidation.
The current neutral pattern suggests traders wait for a clear breakout before taking a directional bias. According to altFINS, the breakout will likely be in the direction of the overall downtrend. As the medium and long-term trends remain bearish, altFINS expects the breakdown to be to the downside.
Source: altFINS – Start using it today
In terms of momentum, altFINS highlights bearish signals with the MACD line crossing below the MACD signal line. The RSI indicator is also below 45, reflecting weakening upside momentum.
For swing traders, altFINS recommends trading the range by buying near support around $60 and selling near resistance at $70. However, stops should be kept tight in case of a downside break.
The next key support zones are at $50 and $40 if the consolidation resolves to the downside. On the upside, resistance is seen at $69 and $75. altFINS advises trend traders to wait for a clear break before taking positions.
Overall, with the technical picture still indicating bearish conditions, traders should remain cautious on Litecoin. The consolidation provides an opportunity for swing traders, but the bias is tilted to the downside until there are signs of a trend reversal.
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The post Litecoin Bears Still in Control as Prices Remain in the Dark – How LTC Traders Can Navigate the Downtrend appeared first on CaptainAltcoin.
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