LTCUSD Medium-term Trend: Bullish
Resistance: $260, $250, $240
Support: $200, $210, $220
LTCUSD is in a bullish market trading at $197.18. Today the market is still bullish but trading at $226.11 which is about 14.6% price increase. The price of litecoin will continue to rise as long as the market is bullish. Traders can profit in the uptrend movement. First they should have the ability to recognize the various types of markets.
Secondly, in an uptrend the market will always retrace back to the previous swing point and then bounce higher to resume the uptrend. These are swing point to lookout for to place your long trade.The 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is level 62 indicating that the trend is bullish. The resistance levels of price may be breached.
LTCUSD Short-term Trend: Bullish
The short term trend is bullish. However, the 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is level 28 indicating that the market is oversold. RSI indicator is in divergence with price trend. This is a strong signal that price reversal is imminent.
