- LTC/BTC has fallen another 1.8% on Tuesday and may target a significant low.
- 0.0050 has been a massive level in the past and normally finds some bids.
LTC/BTC daily chart
Litecoin has been capitulating against Bitcoin recently and now it seems the price is heading to a major level at 0.0050. The last couple of times the price hit this level they buyers came back in full force. The spike down in the middle of the chart which sent the price down to 0.0052 the price quickly recovered and pushed as high as 0.006840.
On December 8th 2017 the price actually hit the 0.0050 level and spiked to 0.0202 nearly a 300% rise!. That is not to say that that kind of spike will happen this time out but it is important to be aware of big price moves at important levels.
On a technical note, all of the indicators are unsurprisingly bearish. The relative strength index indicator is in an extremely oversold position while both the 55 and 200-day moving averages are pointing down. They also recently had a bearish crossover which is called a dead cross, traditionally a very bearish signal.
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