LTCUSD Long-term Trend: Bearish

Distribution territories: $180.00, $200.00, $220.00.

Accumulation territories: $110.00, $100.00, $90.00.

The LTCUSD pair continues to witness more lower highs than lower lows for over a week. Litecoin tries to recover from consecutive selling pressures that have been occurring against the US dollar in the past months, while the trend remains bearish at present. The stochastic oscillators have moved above 80 range of the overbought zone and are now trying to determine its direction.

Litecoin, LTCUSD, Cryptocompare chart

The simple moving average 13 has been outrightly breached northward as the price is currently testing the trend line of the simple moving average 50, at the $150.00 distribution territory. The price seems to be fluctuating between the $150.00 distribution territory and the next immediate distribution territory of $180.00. The strong accumulation territories are still same as the previous weeks, at the $110.00 and $100.00 areas. The price could still pull back southward and break out of the immediate accumulation territory of $110.00. This can denote the bears’ resumption of finding their way back into the market. Investors should watch out for a pullback while the market is reversing from this notable bearish move, before placing a long entry order.

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