LTCUSD Medium-term Trend: Bearish
Resistance: $165, $160, $155
Support: $135, $140, $145
The LTCUSD pair had not been able to break the resistance level at $190 and the support level at $160 for the past six days running. It was assumed that if the price breaks the resistance level of $190 it will rise to its previous level of $210 but if it breaks the support level, the price will fall to as low as $150.Today,the price of Litecoin has fallen and it is currently trading at $152.91 as a result of the breakout.
From the weekly chart there is a bearish trend line drawn showing the resistance levels where a trader can place a short trade. The bearish trend line can be used to place short trade if the price retraces from the low to test the trend line. A resistance level will be created then you take a short trade. Similarly, if the price breaks the trend line the downtrend is over and a new trend will commence.
Meanwhile, the RSI period 14 is level 21 which indicates that the market is oversold suggesting bulls taking over the market. Bearish traders should exit their positions because of the oversold market condition.
LTCUSD Short-term Trend: Bearish
In the daily chart, Litecoin is in a smooth downtrend with a bearish trend line showing the resistance levels where a trader can place short trades. Meanwhile, the RSI period 14 is level 40 which indicates that the price is in a range market zone.
