Conclusion for Today’s Litecoin Technical Analysis:
A break below ~27.57 implies continuation of the current bearish trend in Litecoin.
A logarithmic scale is used on the Daily timeframe for today’s Litecoin Analysis, and price action from December 12, 2017 to current date is examined. The chart pattern used to highlight the trend in Litecoin from December 12, 2017 is a bearish price channel. Previous analysis for Litecoin can be found here.
The most recent bullish price swing in Litecoin occurring from 22.17 on December 14, 2018 to a price high of 41.27 on January 8, 2019 is currently being retraced, with price setting at the upper boundary of support at 29.65 as indicated on the Daily chart.
A bullish price channel (tentative) is also used to put into perspective price action from the December 14 low to current date.
Daily support at 27.57 marks the lower boundary anticipated to provide the basis for more bullish upside. Lack of bullish momentum at 27.57 and break below implies continuation of the current bearish trend that will see Litecoin close below the low made on December 14, 2018 of 22.17.
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