Litecoin Trading- LTC/USD Technical Analysis, Aug 28: Back down we go

Thursday, 28/08/2014 | 12:07 GMT by Leon Pick
Litecoin Trading- LTC/USD Technical Analysis, Aug 28: Back down we go

The horrors of last week's Litecoin (LTC) sell-off are resurfacing and this week's recovery has stalled. Volume is picking up again, and those patterns of stretches of flat trade followed by sudden and steep drops have returned.

Selling has picked up during the past 3 hours, the coin losing 6%. Litecoin (LTC/USD) is now trading at $5.08, coming dangerously close to the lower end of its $5.08-$5.25 support range established earlier this week. Should this be breached, it's a long way down. There isn't much between this level and $4.66.

LTCUSD- Aug 28

Against Bitcoin , which has experienced only a slight drop of its own, LTC has dropped to 0.0102.

Update: LTC/USD just hit $5.05. More selling is likely.

The horrors of last week's Litecoin (LTC) sell-off are resurfacing and this week's recovery has stalled. Volume is picking up again, and those patterns of stretches of flat trade followed by sudden and steep drops have returned.

Selling has picked up during the past 3 hours, the coin losing 6%. Litecoin (LTC/USD) is now trading at $5.08, coming dangerously close to the lower end of its $5.08-$5.25 support range established earlier this week. Should this be breached, it's a long way down. There isn't much between this level and $4.66.

LTCUSD- Aug 28

Against Bitcoin , which has experienced only a slight drop of its own, LTC has dropped to 0.0102.

Update: LTC/USD just hit $5.05. More selling is likely.

About the Author: Leon Pick
Leon  Pick
  • 1998 Articles
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About the Author: Leon Pick
  • 1998 Articles
  • 5 Followers

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