LTCUSD Medium-term Trend: Ranging
Resistance: $155, $150, $145
Support: $130, $135, $140
The price of Litecoin has been in a range bound movement for some time. From the weekly chart, the overall trend is range bound. Price of Litecoin is currently trading at $142.03 which is within the resistance at $170 and the support at $140. Price has been ranging sine last week and there are possibility that price may break the levels. If price continue to fall the support levels would be breached.
If the support level is broken then traders should short theirs trades. However, if there is false breakout or rebound at support level, traders should initiate long trades. Meanwhile, the RSI period 14 is level 28 which indicates that the market is oversold suggesting bulls taking over the market.
LTCUSD Short-term Trend: Bearish
Litecoin seem to be in a smooth downtrend in the daily chart. The 50- day moving average and 20-day moving average are trending southward . In a bearish market traders could take short trades at the resistance level created by the price. The RSI period 14 is level 58 which indicates that price is the range bound zone.
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