LTC consolidates but there has been a short term bounce at the 30.00 level

Fibo Quantum

  • Litecoin is trading over 8% lower on Monday in another horrible day for cryptos.
  • There has been some support at lower levels and now the price has bounced of 30.00.

LTC/USD 30-minute chart

Litecoin has been in free fall recently but as you can see from the chart below the price has started to consolidate on the lower time-frames. The key low on the chart is marked in red at the lows and if this gets breached it surely means there is more trouble ahead. Although, I would look out for lots of volume and a candle close below the level to confirm the bearishness. 

More recently, The light blue line closer to the 29.00 level has acted like a near term support zone. When the price moved higher it stopped just short of the 34.00 resistance zone and is now stuttering. I think a break either way now will tell us lots about the future direction of the LTC/USD pair. Obviously the longer-term bias is with the sellers but short term there is no reason why the top of the consolidation at the black line (41.00) may be tested.

Additional levels