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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- The crypto market slumped on 17 August, liquidating over $1 billion in positions.
- LTC was introduced down under $60 and reclaimed by the point of writing.
The core cause for Bitcoin’s [BTC] current freak worth stoop isn’t fairly clear. Nonetheless, the drop to $25k triggered an enormous sell-off throughout the market, together with Litecoin [LTC]. LTC dropped under $60 earlier than partially recovering to $65 on the time of writing.
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BTC reclaimed $26k on the time of writing however had breached key trendline assist, reinforcing additional weakening for the king coin. In keeping with Coinglass, the crypto stoop led to over $1 billion price of liquidations of positions during the last 24 hours earlier than press time.
LTC recovers partially at March low
A Fibonacci retracement software (yellow) was plotted between July excessive and the current low. The decrease lengthy wick reveals that sellers gained floor, however consumers got here in to forestall an extra drop. On the time of writing, LTC traded at $65, equal to March lows.
The On Steadiness Quantity (OBV) edged decrease, capturing the decline in demand for the asset. Equally, the Relative Energy Index (RSI) was caught within the oversold territory and confirmed no indicators of imminent reversal.
So, LTC may consolidate the losses between $56 and $70 within the subsequent couple of hours/days if BTC doesn’t report extra losses.
Though a foray above $70 may present bullish intent, bulls may solely acquire an edge above $75. The $70 and $78.5 are key resistance ranges, whereas $50.5 and $42 are key assist ranges.
Longs discouraged
How a lot are 1,10,100 LTCs worth today?
Any fast impulse to gather LTC at discounted costs was extremely discouraged. As per Coinglass’s liquidation information, over $300k lengthy positions have been wrecked within the final 4 hours earlier than the time of writing.
Earlier than that, a whopping +$16 million price of longs suffered liquidations. The short-term bearish sentiment requires bulls’ warning and monitoring of BTC motion.
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