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Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
LTC/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Bearish
Support: 51.04 (Cloud top); Resistance: 55.98 (5-DMA)
Litecoin holds above $51 mark as the pair finds strong support at daily cloud top (51.04).
LTC/USD was trading 3.95% lower on the day at 52.27 at around 07:40 GMT, edging slightly higher from session lows at 51.26.
Technical indicators point to further weakness. Momentum studies are bearish.
'Death Cross' on the hourly charts and bearish MACD crossover on signal line support bearish bias.
Price action has breached many strong support levels (110-EMA at 53.34, 21-EMA at 52.80).
Break below daily cloud top support will see further downside. Dip till 50-DMA at 46.30 likely.
5-DMA is resistance to watcho out for at 55.87. Bullish continuation only above 200-DMA.