Litecoin Price Analysis: Bearish Signs Print on LTC Daily Chart, Litecoin (LTC) Retraces from 3 Year High
Litecoin, the 8th cryptocurrency by market cap, exploded to a three year high of $247. LTC is still short of its all time high of $375 by roughly 64% at the time of writing. Traders await a potential run up of the laggard cryptocurrency as ETH and BTC both have broken previous highs. Major highlights for the Litecoin price analysis are:
- Litecoin hits $247 for the first time since February 2018
- Bitcoin becomes trillion dollar asset
- Bearish signs print on LTC 1 day chart
Litecoin Price Analysis: LTC Daily Chart
Since February 1st, LTC has been raising up from support area of $128, roughly gaining 94% in a mere 3 weeks. This rise has come without much retrace as the cryptocurrency market has been experiencing parabolic growth.
While looking at the price action of LTC, it is safe to assume the price has been grinding at a top trend line (black). This trend has been respected for nearly 4 months. Each time the price hits this trend, it has experienced a correction to the bottom trend line (black) shortly after. It seems evident this may be the case now and LTC will relax before continuing to make highs. For LTC to continue to rise, the price must break over the top trend.
While looking at the Relative Strength Index ( RSI ), there is a clear bearish divergence shown with a black arrow. This occurs when the price action reaches a new high but the RSI prints a lower high. This is also the case with the Stochastic RSI . These are considered bearish signals and coupled with the rejection of the top trend it is likely to see LTC retrace to lower levels in the near future.
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