Litecoin Price Prediction: LTC/USD doesn’t have enough support on the downside

Fibo Quantum

  • LTC/USD went down from $77.15 to $74.50 this Tuesday.
  • LTC/USD faces significant resistance up front.

LTC/USD has been on a steady decline since the bulls got rejected in the $93 resistance line on April 7. Over the last two and a half weeks, the price has gone down from $93 to $74.50, charting a decline of nearly 20%. The confluence detector shows us that if the bears can gather enough momentum, they will be able to take the price all the way down to $71.25.

LTC/USD Confluence Detector

The resistance levels are at $75, $76, $77, $78-$78.50, $79, and $80.25. The confluences at those levels are:

  • $75: Previous week low.
  • $76: Daily previous low and daily pivot point support 1.
  • $77: Weekly pivot point support 1.
  • $78-$78.50: Daily previous high, daily pivot point resistance 1, 4-hour Bollinger band middle curve, SMA 5, and hourly Bollinger band middle curve.
  • $79: Weekly 61.8% Fibonacci retracement level and SMA 100.
  • $80.25: Daily 161.8% Fibonacci retracement level, SMA 10, and SMA 5.

The support levels are at $74-$74.50 and $71.25. The confluences at those levels are:

  • $74-$74.50: Monthly pivot point resistance 2, 15-min previous low, daily pivot point support 2, 4-hour Bollinger band lower curve.
  • $71.25: Weekly pivot point support 2.