- Litecoin bulls depend on the support at $ 60 and the ascending trendline to continue with the July uptrend.
- LTC / USD could adopt near term consolidation especially if the RSI holds above the midline.
Litecoin like Bitcoin and other major cryptocurrencies is in the red on Tuesday. These losses come after LTC / USD hit a wall at $ 70 late last week. The weekend session was dominated by losses as the Bulls battled in search of a key support area. At the time of writing this article, Litecoin is trading at $ 60.43. Its immediate downside is supported by an ascending trendline.
The losses are expected to continue in the near term, as seen using the RSI and MACD. The latter plunges towards the midline while exhibiting a bearish divergence. Likewise, the RSI is gradually approaching the midline.
If the support at $ 60 holds, there is a chance that a reversal will occur. On the upside, resistance should be expected at $ 65 and $ 70 respectively. Looking at the moving averages, LTC / USD is still in the hands of the bulls except they don’t have the volume to pull above $ 70. Such a move would allow buyers to focus on $ 80 and later on $ 100.