Litecoin price is struggling to rise above $66.40 against the US Dollar. Before the bulls take a hard stance, LTC is likely to revisit the $60 support.
Litecoin is correcting losses in the $63 support area against the US Dollar.
The price is currently trading below $66 and the 100 simple moving average (4-hours).
There is a key contracting triangle forming on the 4-hours chart of the LTC/USD pair with resistance near $65.50 (data source from Kraken).
The price could decline towards the $60 support before starting a fresh increase.
Litecoin price sends bearish signal
Bitcoin, Ethereum, Litecoin and other altcoins saw a fresh decline against the US dollar last week. LTC price formed a top near $68.40 and then started a fresh decline.
The price is trading below the $66.40 and $65.00 support levels. It retested the $63.00 support area. A low was formed near $63.01 and the price is currently attempting a fresh increase. A break above the $65.20 resistance level
The price surged above the 50% Fib retracement level of the downward move from the $68.38 swing high to $63.01 low. Litecoin is currently trading below $66 and the 100 simple moving average (4-hours). There is also a key contracting triangle forming on the 4-hours chart of the LTC/USD pair with resistance near $65.50.
On the upside, an immediate resistance is near the $65.50 area. The next major resistance is near the $6.40 level. It is close to the 61.8% Fibonacci retracement level of the down move from the $68.38 swing high to $63.01 low. If there is a clear break above the $66.40 resistance, the price could start another strong increase.
In the mentioned case, the price might continue higher towards the $68.40 and $70 levels. If there are further gains, the price of LTC might rise to the $75 resistance area.
Downward Thrust for LTC?
If Litecoin price fails to clear the $66.40 resistance, there could be a fresh decline. An initial support on the downside is near the $63.00 level.
The next major support is formed near the $60 level, below which there is a risk of a move towards the $58.00 support level. Any further losses could push the price towards the $55 support level.