Litecoin Price Analysis - February 5

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LTCUSD Long-term Trend: Bearish

Resistance: $200, $180, $160

Support: $80, $100, $120

Last week, the long term trend has been bullish. The 50-day moving average and the 20-day moving average (MA) tend towards northward whereas the RSI period 14 is below level 60 indicating that the market is in a sideways movement. Price action is more accurate than indicator based reading. Last week the price rose to about $174 and fell to $151 today. There are indications that the price will decline further.

However, this week the market will be bearish because the 50-day moving average and 20-day moving average are trending southwards whereas RSI period 14 is above level 40 indicating that the market is in a sideway movement.

LTCUSD Medium-term Trend: Bearish

LTC_USD-Daily(Feb.5).jpg Last week the medium term trend was in a bearish move and the price had been declining since then. The same scenario is being expected this week as the downtrend continues. This week the market will decline further because it is making lower highs and lower lows signifying a downtrend.

Meanwhile the 50-day moving average and 20-day moving average are moving southward whereas the RSI period 14 is above level 40 which signifies a sideways movement.