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Crypto Technicals: LTC/USD breaks below 50-DMA, bias strongly bearish

LTC/USD chart - Trading View 

Exchange - Coinbase

Support: 52.59 (Cloud base); Resistance: 57.46 (50-DMA)

Technical Analysis: Bias Strongly Bearish

LTC/USD was trading largely muted in the Asian session today with session highs at 56.16 and lows at 55.43.

The pair has broken below 50-DMA support raising scope for further weakness.

Technical studies are bearish and break below 50-DMA has opened up downside.

Major trend has been bearish and minor trend has now shifted to bearish with GMMA showing shift in near-term MAs.

Bearish MACD crossover on signal line, -ve DMI dominance with rising ADX and RSI convergence support further downside.

Immediate support is seen at Cloud base at 52.59. Break below eye 50.25 (Sept 26 low) ahead of 48.67 (78.6% Fib).

5-DMA is immediate resistance at 57.28. Bearish invalidation only above 55-EMA (60.54).
 

By Anupama Grandhi
  • Market Data
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