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Litecoin drops as cryptocurrencies sell off - Capital Street FX

29-Dec
14:40 IST

Most cryptocurrencies have been declining since Wednesday. The second largest cryptocurrency by market cap has gained around 6,000%, compared with Bitcoin’s 1,500% (from 1st of January till 27th of December). The price action has made lower lows on the daily chart. For the next few days the market is expected to stay in the tight range between $200 on the very bottom and $300 on the very top.

On the technical chart the market is trading below the 50% Fibonacci retracement level (from 96 to 415). The RSI is nicely placed at 50.25. The MACD is below the signal line.

Trade suggestion: (sell LTCUSD)

Sell stop at 243, take profit at 234, stop loss at 250

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