Litecoin price analysis 7 August 2019; LTC traders waiting for breakout

So it’s been nearly three days since the Litecoin halving on the 5th of August and the price has gone towards a direction that nearly every investor was expecting.

The price managed to peak only at the $106 price level due to a predominant bearish outlook for the whole crypto market. Previously, most were hoping for LTC to reach $120 before the halving and shoot past the $200 psychological, but that was not the case, unfortunately.

As of now, the general sentiment of most Litecoin investors is quite bearish and our Litecoin price analysis will be directed towards the same notion.

At this point, it’s hard to say why anybody would want to enter a long position for LTC as most are trying to switch over to Bitcoin after the last jump.

Litecoin price analysis

LTC chart by Trading View

It’s likely that Litecoin will continue its descent before finally finding support at $84 and $80 subsequently, however, there is an off chance that the coin can be floored towards $77 if Bitcoin experiences yet another bear trap.

Overall, the overall outlook from out Litecoin price analysis is yet again bearish, just like we predicted before the halving even happened.

It’s likely that BTC will start garnering all the attention before topping out and introducing another altcoin season similar to the 2017 surge.