LTCUSD Long-term Trend: Bearish
Distribution territories: $160.00, $180.00, $200.00.
Accumulation territories: $100.00, $80.00, $60.00.
Litecoin, like many other digital currencies, witnessed a significant price decline this week. The bears eventually gained market advantage against the bulls while they failed to push the trend northward. The market experienced lower lows on Feb 2 and 6 respectively, during which two Japanese candlesticks with bottom shadows formed. At present, both moving averages are above the cryptocurrency’s market price.
The 15-day SMA has crossed over the 50-day SMA. Litecoin’s price is currently averaging the $120.00 accumulation territory. The Stochastic Oscillators have dipped into the oversold zone below the 20 range, which suggests the selling trend will soon end.
The accumulation territory of $100.00 remains a strong vertical line for the bears to breach. Meanwhile, the accumulation territories below the accumulation territory of $100.00 are being marked as foundational points during which trade can experience brief stops. Investors can always watch out for entries from the bearish reversal trend. Traders can also look out for decent bearish reversals as well as a possible sudden upward breakout to join the market while properly applying financial management rules.
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