LTCUSD Long-term Trend – Bearish
Distribution territories: $200.00, $250.00, $300.00.
Accumulation territories: $150.00, $100.00, $50.00.
LTCUSD against US dollar witnessed a small spike northward a few days ago. Nevertheless, the pair still runs in a bearish trend. The market has been under a selling pressure as the pair has been trending southward. Over a few months, the market has seen reversal across moving averages 13 and 50. Stochastic oscillator is still found crossed and pointing downward in the oversold zone.
All these put together, suggest that there is still a more bearish trend in play as the price has never been able to make a strong bullish candlestick which would have broken the immediate distribution territory of $200.00. A breakout below the immediate accumulation territory of $150.00 could extensively see the price fall further; reaching another accumulation territory of $100.00 and below. The market has continued trending in a bearish outlook; and this could also signify a signal for investors to keep a bearish bias on in the long term.
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