Litecoin LTCUSD
Litecoin price predictions that followed some of the wild predictions on BTCUSD have been held up in the air as the LTCUSD pair was subjected to a relentless onslaught from crypto sellers on Wednesday in what can best be described as a bloodbath.
The latest selloffs have once more turned around any suggestions that cryptocurrencies are the most suitable alternative investments whenever there is a risk-off sentiment in the global stock and commodity markets. The latest selloff which has upturned Litecoin price predictions was unexpected as global stocks entered the 3rd straight session following negative market sentiment which followed news of the spread of the coronavirus epidemic.
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Today’s selloff has blown through several support areas, in completion of the head and shoulders pattern. Price is currently testing the 59.69 support level. Confirmation of the breakdown of this level can only come from two successive closing candle penetrations below this level. This breakdown opens the door towards the 54.45 and 51.65 price levels, in that order. 51.65 completes the measured move, but this can only be achieved if a breakdown of 54.45 occurs.
On the flip side, failure to breakdown 59.69 opens the door towards 63.22. A pullback to the neckline provides an opportunity to decide if the downside move will be negated by an upward break of this price level, or if the price move to the south will resume.