Litecoin Price Technical Analysis for 5/5/2015 Shaky Grounds

Litecoin Price Technical Analysis for 5/5/2015 Shaky Grounds

After rising from 1. 30 to 1. 50 last week, litecoin traded sideways over the weekend. After the start of the first global trading session, litecoin is still within this range, between roughly 1. 41 and 1. 50. Note that 1. 40 is the central pivot of the 1. 30-1. 50 range, and holding above 1. 40 thus maintains a slight bullish bias, just as holding above the 200-hour SMA shows a slight bullish bias as well. Litecoin (LTCUSD) 1H

Chart May 5 Although price is holding above the central pivot of last week’s price range, there are reasons to believe that litecoin is testing shaky grounds. 1) BTCUSD has already completed a double top. 2) LTCUSD has broken below last week’s rising trendline. 3) The 1H RSI has fallen below 40, which reflects loss of the prevailing bullish momentum. 4) Price action shows long tails to the upside, which means bullish attempts were quickly faded as it attempted to reach the range high around 1. 50. If price does break below 1. 40, litecoin will be poised to test the 1. 30 low again. Litecoin (LTCUSD) 4H Chart.