Litecoin Technical Analysis (LTC/USD): Litecoin touches new 2014 low

After threatening new lows on several occasions but rebounding each time, one got the impression that Litecoin may have bottomed

After threatening new lows on several occasions but rebounding each time, one got the impression that Litecoin may have bottomed out. Today, however, LTC/USD did set a new 2014 low- just barely.

The pair briefly touched $6.65 on BTC-e, the lowest price reached during “regular trading” in 2014 after hitting $6.67 in early July. This does not include a period of flash selling which saw the pair rapidly descend to $2.21 in a matter of minutes a few days earlier.

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LTCUSD- Aug 11

As previously assessed, the pair’s consistent decline and adherence to a 15% discount to its 50-day moving average spelled trouble in recent days. With today’s losses, the trend remains perfectly intact- the moving average is now $8.00. With the backdrop of lower average prices over the past 50 days, repeats of a dead cat bounce to $9 experienced in early July are far less likely.

Versus BTC, LTC now trades at 0.0116, consistent with LTC/USD’s 3-4% decline and BTC’s stagnation. Earlier indications of a 0.01 rate by August are still possible.

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