Litecoin (LTC) Under Heavy Consolidation Losses Daily Uptrend

October 15, 2019 By: Lorenzo Stroe

Litecoin has been one of the first altcoins to lose the daily uptrend. While most of the other altcoins are simply consolidating, LTC has actually lost the uptrend after the bulls weren’t able to set a higher high.

LTC set a high of $60.13 around a week ago and then faced some healthy consolidation down to $55.4, however, the bulls weren’t able to bounce off from this consolidation and faced another one today where the bears were able to break below $55.4 as LTC is currently trading at $54.93.

LTC is also currently trading below the 12-period EMA. In fact, the bulls were never able to even touch the 26-period EMA.

The 4-hour chart is clearly in big favor of the bears although the RSI has been overextended which has helped the bulls see a small bounce.

The weekly chart is really weak for Litecoin as the bear flag is still in place, something that most of the other altcoins have been able to escape from.

The monthly chart is still trying to establish that higher low compared to $21.5 but the bulls are struggling and we might see a break of the recent $50.25 bottom. The volume clearly favors the bulls here but price action is what matters.

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