Litecoin (LTC): bulls and bears battle it out for $63 support.
Litecoin has fallen 50% from its yearly high reached in July at $115. However, LTC is trading above long-term horizontal support at $63 and has broken through the downtrend resistance line
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Litecoin returns to long-term range lows
The weekly technical timeframe shows that Litecoin has been declining since July, when it hit a new yearly high of $115.
During the decline, the price broke through the ascending support line and reached a minimum of $56 in August. This became a drawdown of 50% from the maximum.
Having formed a minimum, the token began to trade slightly above the horizontal area of ââ$63. Immediately after reaching the low, the price rebounded, forming a long lower wick (black icon). This is considered a sign that buyers are gaining the upper hand, preventing sellers from pushing the price down.
In September, Litecoin drew two more bullish candles (green icons). The fact that the candles appeared around the $63 horizontal area further increases their significance. However, LTC may form a bearish candle this week.$
