LITECOIN Tests EMA Supports

Litecoin is down slightly over 5% so far on the day as the pullback has led bulls to defend the EMA supports just above the 50 (4-hr) EMA support. Price level support has broken as we saw a break and close below the $42 level which was held for so long.

Bulls have not even provided that much of a fight as the prices fell with relative ease. Bear volume has not shown up in drastic amounts, so it's possible and likely this could easily accelerate to the downside if more bears decide they want to enter the market.

Daily EMA support is at $37.40, so if we completely lose the 4-hr EMA support, we will look to that to hold.

Looking at the weekly chart though, LTC is getting stuck in the early EMA levels as resistance, so that's a longer-term fight that bulls still need to prove they can overcome.

Again, no positions for me. This is a cash position time until we get some confirmation.