Litecoin / Dollar may fall to 53.4 - 54.1

Our pivot point stands at 56.9.

Our preference

The downside prevails as long as 56.9 is resistance.

Alternative scenario

Above 56.9, look for 58.0 and 58.6.

Comment

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 61.2 and 63.2). Finally, the Litecoin / Dollar is trading below its lower Bollinger band (standing at 55.5).

Supports and resistances

58.6 **

58.0 *

56.9 **

56.5

55.3 last

54.1

53.4 **

52.8 *

52.2 **

Number of asterisks represents the strength of support and resistance levels.