Litecoin Price Tottering at Support After Plummeting During BTC Run - Short Term Price Analysis

After being one of the most explosive - and early - performers of the 2019 cryptoasset markets, Litecoin (LTC) has recently taken a back seat to Bitcoin’s (BTC) dramatic run which topped (for now?) at over $13,000 yesterday.

That is putting it lightly. Litecoin has been smashed in the last couple of weeks, and now totters - like most altcoins - on a critical LTC/BTC support level.

Looking at the daily chart and RSI, we see that Litecoin is currently holding onto a significant historical support. Below the current support lies the block of historic lows on the leading altcoin, with only 30% worth of price drop remaining.

LTC/BTC is at the bottom of current structure(source: TradingView.com)

Given just how oversold the leading altcoin is on the daily RSI (pictured), it is completely reasonable to expect a bounce here. But most other leading altcoins are in a similar predicament - at the bottom of their BTC pairings - and are waiting to see if Bitcoin will retrace and how far. Further Bitcoin shenanigans could kick Litecoin over a cliff edge.

Some cautious strength is starting to trickle in(source: TradingView.com)

Glancing at the hourly LTC/BTC chart above, we can at least take note of an uptrending RSI strength out of oversold conditions on lower prices - a bullish divergence. Volume, however, is still weak

Looking at the daily hour LTC/USD chart, we see another obvious, but perhaps dangerous trade setup. Litecoin has been uptrending fairly neatly in a channel for some time, but Bitcoin’s correction from the top has sent LTC careening down toward the bottom of this channel and into support.

LTC/USD's channel is threatening to break(source: TradingView.com)

At time of writing, it is too early to tell whether or not this level will hold, with the key price being about $120. Even with a falling Bitcoin, the LTC/BTC pair could and probably should be easily bought up to save the USD price.

Looking at the hourly chart, we see that a positive candle has closed just under $120, on weak volume. A nasty RSI picture does not give us on bullish divergences to grasp on to, and we can’t consider any confirmation of support yet.

hourly USD chart looking a bit grim(source: TradingView.com)

On both LTC/BTC and LTC/USD pairings, then, Litecoin is at the bottom of a pattern. And in both cases, support showing up for the leading altcoin would present good trading or dip-buying opportunities. But that support is nowhere yet confirmed.

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