Litecoin [LTC] Price Action – Bearish Divergence Precedes Litecoin Retracement
Litecoin underwent a huge surge last week.
Movements in Litecoin preceded bullish movements across the rest of the market with Litecoin often acting as a leading indicator for movements in other top cryptocurrencies.
Litecoin is retracing some of last weeks surge today and has erased gains recorded during the price action yesterday.
While most top cryptocurrencies failed to form higher highs, Litecoin made markedly more bullish movements surpassing its January high to form a higher high.
The point of the higher high at $41.30 will be the next expected support level.
Today’s drop was preceded by a bearish divergence taking place between price and the RSI.
A bearish divergence takes place when price forms higher highs, but the RSI forms lower highs.
This shows price continuing to increase despite buying pressure falling.
Price has since fallen but has formed a higher low continuing the bullish market structure that it has been forming.
Other top cryptocurrencies have been failing to record such bullish market structures.
- Litecoin outperformed last week and has been forming more bullish market structures than other top cryptocurrencies as a result of this.
- The key support level to monitor is the point of the January high at $41.30.
- Bearish divergence on the 4-hour chart between the price and RSI preceded a price decline today.
Latest Litecoin News:
Litecoin Price: More Bullish Market Structure for LTC With Higher High Formed
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