Litecoin Price Analysis - February 6


LTCUSD Medium-term Trend: Bearish

Resistance: $140, $135, $130

Support: $110, $115, $120

Yesterday, the medium term trend has been bearish because of a downtrend. Price will continue to fall not until the price is breached at the support level. Presently the LTCUSD has fallen to the level of $112.70 as at today. But there was a pullback yesterday from the low at a price of $115 to $136. That means there are strong buying interest at the support levels of the trend. If the bulls continue to have such buying interest at the lower levels LTCUSD pair will break out of the support levels. On the other hand if the bears continue to have their way, the downtrend will continue and the support levels will be breached. Long trades are recommended if there are signs of price pull back at the support levels.

LTCUSD Short-term Trend: Bearish

LTC_USD_61-1 Hour(Feb6).jpg

The short term is also bearish as shown by the 50-day moving average and 20-day moving average trending southward whereas the RSI period 14 is below 30 indicating that the market is oversold. No trades are necessary in the short time term trend except there are signals to that effect.