Litecoin retracing heavily after a 540% increase
Updated
Litecoin had one of the best, if not the best, performance since the beginning of 2019, it reached a maximum increase of 540% on the 22nd of June. This maximum took place along with the bull run that Bitcoin had a couple of weeks ago. Afterwards, a double top at $140, bearish MACD divergences and retracement of 30% for the Bitcoin price, drove LTC back to $92.
As we discussed in previous Litecoin analyses (see chart below), this coin has been behaving very good technically talking, and it has done the same for its latest retracement.
Now, the coin finds itself in a very strong bearish channel and it is very likely that it will keep retracing further to around $60. On the other hand, if the Bitcoin price reverses and has finished its retracement, Litecoin can follow it and reach the nest resistance at $105.
As we discussed in previous Litecoin analyses (see chart below), this coin has been behaving very good technically talking, and it has done the same for its latest retracement.
Now, the coin finds itself in a very strong bearish channel and it is very likely that it will keep retracing further to around $60. On the other hand, if the Bitcoin price reverses and has finished its retracement, Litecoin can follow it and reach the nest resistance at $105.
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