Litecoin, went from a sideways grind in the $3 area for most of October, to a high of $4.40 in the space of two days. However, the momentum seems to have evaporated and some nice pivot zones has formed over the past 24h.
The $4.00 level has been used as resistance about three different times in the past 24 hours, and also once as support, so this is a very clear-cut pivot zone in my eyes. Any market rally over the next few days will more likely encounter problems at $4.00!
Price has also managed to slip underneath $3.80 level. This zone held up price quite a few times in the past two days, and this area has already turned into resistance, as price attempted to break higher and failed. Unless the market can surmount the $3.80 level again, the path of least resistance seems to be down.
In my prior Litecoin article on the 26th, I mentioned the importance of the $3.20 resistance area. If the market continues to head lower over the next few days, the $3.20 pivot is quite likely to now act as support! Keep that level in mind.
Disclaimer: This is not trading/investment advice!
Chart Source: https://www.okcoin.com/market.do?symbol=1
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The post Litecoin Technical Analysis for 10/31/2015 – Price Heading Lower? appeared first on The Merkle.