Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Bearish

Resistance: $180, $175, $170

Support: $150, $155, $160

Yesterday, LTCUSD pair was expected to rise so that traders could take long orders. It was analyzed to be at its low at the support level  which might have made it to rise yesterday but because of negative news on cryptocurrencies  it fell again. It is currently trading at $164.47. However, 50-day moving average and 20-day moving  average are trending southward.

While the RSI period 14 is level 20 which indicates that the market is oversold suggesting that bulls should take over the market. Traders should take note that bullish orders are expected today because of some technical indicators.

LTCUSD Short-term Trend: Bearish

Litecoin, LTCUSD, CryptoCompare chart

In the short term trend, price  fell from $195 to $175 the previous day and nosedived again to as low as $160 today due to unauthorized sell off and negative news. The price is presently appreciating upward after its inability to break the support level at $160. However, the 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 46 which indicates that price has reached the bullish trend zone.

It is assumed that the selloff is over as a result traders should expect bullish orders today.