Trading below the $120 level, the Litecoin or LTCUSD formed a Three Outside down bearish reversal candlestick pattern. Here is the 10-12 April Litecoin Technical Prediction.

10 April, AtoZForex – Today, the Litecoin (LTCUSD) dropped 1.26% trading at $113 mark and trading in a range-bound zone since past few days. Now, the Litecoin has a market cap of $6.37 Billion, dropped almost 50% since January 18. In the last 1 Week, the price has moved by $ -10.11 (-8.17%) with a total volume of over $ 484.89 Million. The weekly highest price, $ 137.40, was on Tuesday, 03 April 2018 and the weekly lowest price, $ 111.79, was on Tuesday, 10 April.

Fundamentally, the crypto-market saw a significant drop in the past few weeks due to Ban on crypto-ads service by Google, Facebook & Twitter, the China-US trade war, Indian Central Bank Limits Banking Services for Crypto Firms. Is it the right time to trade LTCUSD?

10-12 April Litecoin Technical Prediction

The Three Outside down bearish reversal candlestick pattern has completed in the 1D timeframe. This pattern is a more reliable addition to the standard Engulfing pattern. A Bearish Engulfing pattern occurs in the first two candles. The third candle is a black one with a lower close than the second candle. The third candlestick is confirmation of the bearish trend reversal.

The 100 SMA is still above the longer-term 200 SMA to signal that the path of least resistance is still to the upside. According to Fibonacci retracement charts, the LTCUSD pair is trading below the 23.6% Fibo retr. zone and consolidating at the range bound zone. On the upside, the hike above $120 mark would reduce the immediate downside pressure and allow extended recovery towards $130- 135 handle.

On the daily charts, the LTCUSD pair still struggling to break the daily strong resistance zone. Also, if the LTCUSD pair failed to sustain the $110 levels than a downward pull towards $105- 107 level could be seen.

The relative strength index(14) value is below 50 which means Sell in daily timeframe.

The MACD(12,26) value is -15.04 gives selling signal in daily charts.

Moreover, according to ATR(14), the LTCUSD pair is Less volatile.

The Litecoin has significant daily support near $105 and resistance at $132 level.

LTCUSD Weekly Pivot Point

Name S3 S2 S1 Pivot Points R1 R2 R3 Classic 76.87 93.44 104.75 121.32 132.63 149.2 160.51 Fibonacci 93.44 104.09 110.67 121.32 131.97 138.55 149.2 Camarilla 108.39 110.95 113.5 121.32 118.62 121.17 123.73 Woodie’s 74.23 92.12 102.11 120 129.99 147.88 157.87

What’s your opinion on the 10-12 April Litecoin Technical Prediction? Let us know in the comment section below.