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Litecoin Technical Analysis (LTC/USD): Litecoin coming dangerously close to $7, loses ground to BTC

by Leon Pick
    Litecoin Technical Analysis (LTC/USD): Litecoin coming dangerously close to $7, loses ground to BTC
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    Litecoin has quietly resumed its slide and is now in danger of crossing over the psychologically significant $7 barrier.

    LTC/USD is currently trading at $7.14 on BTC-e, sliding as low as $7.05. After a volatile weekend, LTC appeared to be settling down towards the comforts of the $7.50 environment experienced last week. In reality though, it was in for a slow, uneventful slide back to uncomfortable territory. Litecoin's 2014 low under regular trading conditions is $6.66.

    Trading over the next 12-24h may be a pivotal point if it will hold its head above recent lows.

    With its decline vs USD and BTC remaining essentially flat, BTC/LTC has followed a similar trajectory over the past 24h and now stands at 0.0123. Minutes ago, it hit 0.01222- its lowest level in nearly a month, when BTC/USD traded well over $600.

    The steady decline keeps LTC/USD within roughly the same offset of its 50-day moving average, now $8.29. The spread between the two is roughly 15%. The pair has not traded above this mid-term indicator since early June, and was then worth as much as $12.

    LTC-USD August 6

    The coin's value continues to struggle, despite Dogecoin's recent acquiescence for merged mining.

    Litecoin has quietly resumed its slide and is now in danger of crossing over the psychologically significant $7 barrier.

    LTC/USD is currently trading at $7.14 on BTC-e, sliding as low as $7.05. After a volatile weekend, LTC appeared to be settling down towards the comforts of the $7.50 environment experienced last week. In reality though, it was in for a slow, uneventful slide back to uncomfortable territory. Litecoin's 2014 low under regular trading conditions is $6.66.

    Trading over the next 12-24h may be a pivotal point if it will hold its head above recent lows.

    With its decline vs USD and BTC remaining essentially flat, BTC/LTC has followed a similar trajectory over the past 24h and now stands at 0.0123. Minutes ago, it hit 0.01222- its lowest level in nearly a month, when BTC/USD traded well over $600.

    The steady decline keeps LTC/USD within roughly the same offset of its 50-day moving average, now $8.29. The spread between the two is roughly 15%. The pair has not traded above this mid-term indicator since early June, and was then worth as much as $12.

    LTC-USD August 6

    The coin's value continues to struggle, despite Dogecoin's recent acquiescence for merged mining.

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