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 to accentuate weakness - EconoTimes)
LTC/USD chart - Trading View
Exchange - Coinbase
Support: 50.85 (Trendline); Resistance: 54.73 (5-DMA)
Technical Analysis: Bias Bearish
Litecoin grinds lower along downward sloping 5-DMA which is capping upside at 54.73.
LTC/USD pair was trading 1.67% lower on the day at 53.01 at 07:00 GMT, bias bearish.
The pair hit 6-month lows at 50.25 on Thursday's trade, scope for further weakness.
Major trend is bearish, recovery attempts lack traction. Momentum strongly bearish.
Further, 'Death Cross' keeps downside pressure. Major moving averages are biased lower and volatility is rising.
LTC/USD finds strong trendline support at 50.85. Break below will accentuate weakness.
Next major support below trendline support (50.85) lies at 48.67 (78.6% Fib), ahead of 44.40 (March 4 low).
Immediate resistance lies at 5-DMA at 54.73. Break above will see minor upside.
