Litecoin / Dollar may fall to 78.6 - 79.7

Our pivot point stands at 83.9.

Our preference

The downside prevails as long as 83.9 is resistance.

Alternative scenario

The upside breakout of 83.9, would call for 85.7 and 86.7.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 82.9 and 83.3). Finally, the Litecoin / Dollar has penetrated its lower Bollinger band (82.4).

Supports and resistances

86.7 **

85.7 *

83.9 **

83.2

82.1 last

79.7

78.6 **

77.6 *

76.6 **

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