Conclusion for today’s Litecoin Price Analysis:
Increase in bearish strength and failure of consolidation around 54 implies more selling. Target in this case would be 42 or lower.
Litecoin analysis for today is carried out on the 6 hour timeframe candlestick chart. A logarithmic scale is used in this case to help plot the chart patterns in and also appropriate guidance for future price development.
Previous analysis provided here highlighted the tentative channel to provide context for bullish price action since the 22.844 price low achieved on December 14, 2018.
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April 23, 2019 price close outside of the channel is bearish for Litecoin, with price level between ~63.70 and 54.23 anticipated as support. The lower boundary of previous bullish channel (in color red) also coincides with the lower region of horizontal support i.e. 54.23.
Both support levels increase the chances of Litecoin consolidating around 54 prior to the resumption of bullish momentum. Lack of support at 54 and a break below implies increase in bearish strength and target in this case would be 42 or lower.
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