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Will Litecoin Hold Above $100? Don't Count on it

The crypto market is bleeding, and I think we are not done yet. Take a look at Litecoin (LTC/USD). It has come down from heights around $420 (on Coinbase), and has tagged $105 back in February, and again around here in April. Now, for the third time in 2018, price is back around this area, hovering above the $100 mark, which is a psychological level as well as an apparent support.

LTC/USD Daily Chart

Key Pivot:

  • Note that this $100-$105 area was a previous resistance. It is therefore a key support/resistance pivot. 
  • It has held a couple of times as support, so why shouldn't we anticipate support again?
  • Well, the prevailing mode has been that of consolidation. Also, the lower highs while support was essentially flat around $105, meant that price was in congestion, like a triangle pattern.
  • A descending triangle structure suggests pressure to the downside. 
  • Price is holding under the 200-, 100-, and 50-day simple moving average. 
  • The RSI is able to tag 30, but failed to push above 70, a reflection that bearish momentum is winning against bullish momentum.


  • If price does indeed break below $100, we can anticipate support in the $70-$75 area. 
  • This is a little bit above the middle of a range established by Septembers volatile price action. 
  • I think we should limit the downside to $60. Yes $60, all the way down from $420. I think price below $100 becomes cheap for LTC/USD, but I also think there could be further downside to something like $60 - even when its cheap there could be a 40% dip before a bottom. 

Bitcoin (BTC/USD) - Anticipating an ABC Correction and Resistance Around $7000

Bitcoin (BTC/USD) - Anticipating a Rebound, But Resistance Around $7280