LTCUSD Medium-term Trend: Sideways
Resistance: $165, $160, $155
Support: $135, $140, $145
Yesterday, LTCUSD was trading at $150.77 which is about 33% price appreciation as against the previous day. The bulls have strong buying interest at the lower levels of the market therefore traders can take advantage of the buy set up to place long trades.
However, today the LTCUSD pair is trading at $148.77 which is about 1.3% fall in price as against today. The 50-day moving average and 20-day moving average are trending sideways whereas the RSI period 14 is level 36 indicating that the market is oversold. The RSI indicator diverges with the price trend. Whereas RSI indicator is on the oversold condition the price is increasing (upper trend). This gives us a strong signal of impending reversal in price. Traders should wait for the sideways trend to reverse before they initiate trade.
LTCUSD Short-term Trend: Bearish
The short term trend is bearish. The 20-day moving average crosses below the 50-day moving average whereas the RSI period 14 is level 6 indicating that the market is oversold. Therefore short time traders can place long trades in anticipation of a bullish trend. The support levels of price have been beached.