Litecoin Price Analysis - February 10

Litecoin, LTCUSD CryptoCompare chart

LTCUSD Medium-term trend: Bullish

Resistance: $160, $155, $150

Support: $135, $140, $145

The medium term trend is bullish. The 50-day moving average and the 20-day moving average (MA) trend towards northward whereas the RSI period 14 is  level 60 indicating that the market is in a bullish trend. The 20-day moving average is above 50-day moving average indicating that price is rising. However, if the resistance levels of $155 or $160 are breached traders can take a short position because  markets are better traded at the key levels.

That is when price reached the resistance level you take a short position and at the support you take a long position.

LTCUSD Short-term trend: Bullish

Litecoin, LTCUSD CryptoCompare chart

In the short term trend the 50-day moving average and the 20-day moving average (MA) trend towards northward whereas the  RSI period 14 is level 35 meaning that the short term trend is oversold whereas the moving averages seem to be rising. Traders should follow the market trend which is more superior to indicators. Indicators lag behind the price action.

Traders should buy at the support in a rising market.