LTC could move further down
Litecoin has had a tough year trying to keep up with Bitcoin. When we zoom out on the chart we can clearly see BTC has heavily outpaced LTC in 2020. Like many others it saw an increase in value in November, but that run seems to have run its course.
LTC has been rejected three times by the 200MA (red arrows) although it did manage to stay above it for two whole days at the most recent test. On the first retest it bounced of the 50MA. On the second retest it plummeted through and has had a tough time since. After the third retest, we can see it is now once again below the 50MA.
I believe another rejection could be in the making as volume is declining. Yes, volume is higher than it was in previous months, but so is the total marketcap.
I have drawn two very strong support levels around 3900 & 4000 sats and two equally strong resistance levels around 4500 & 4800 sats.
As the general HTF trend is still bearish I'll open up small long positions on a retest of the support levels and on a break of the 50MA.
Where do you see LTC heading in 2021?
LTC has been rejected three times by the 200MA (red arrows) although it did manage to stay above it for two whole days at the most recent test. On the first retest it bounced of the 50MA. On the second retest it plummeted through and has had a tough time since. After the third retest, we can see it is now once again below the 50MA.
I believe another rejection could be in the making as volume is declining. Yes, volume is higher than it was in previous months, but so is the total marketcap.
I have drawn two very strong support levels around 3900 & 4000 sats and two equally strong resistance levels around 4500 & 4800 sats.
As the general HTF trend is still bearish I'll open up small long positions on a retest of the support levels and on a break of the 50MA.
Where do you see LTC heading in 2021?
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