Litecoin / Dollar may fall to 56.7 - 61.0

Our pivot point is at 75.3.

Our preference

The downside prevails as long as 75.3 is resistance.

Alternative scenario

The upside breakout of 75.3, would call for 82.6 and 86.9.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 76.7 and 80.7).

Supports and resistances

86.9 **

82.6 *

75.3 **

72.5

69.6 last

61.0

56.7 **

52.4 *

48.1 **

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