Litecoin Price Analysis – July 4

Azeez Mustapha
  • Initiate long trades as price of Litecoin tests the bullish trend line.
  • Bearish candlestick must close and bullish candlestick opens before initiation.

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by TradingView

LTCUSD Medium-term Trend: Bearish

Resistance Levels: $90, $92, $94

Support Levels: $86, $84, $84

Yesterday, July 3, the price of Litecoin was in a bullish trend. However, the 12-day EMA and the 26-day EMA are trending southward. The MACD line and the signal line are still below the zero line which indicates a sell signal.

Also, the 12-day EMA and the 26-day EMA are above the price bars of Litecoin which indicates that the bearish trend is continuing.

LTCUSD Short-term Trend: Bullish

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by TradingView

On the 4-hour chart, the price of Litecoin is in a bullish trend. As the price of Litecoin is bullish, traders should look out for buy setups. A bullish trend line is attached to the chart to enable us to determine the support levels for the Litecoin price. Nevertheless, if the price of Litecoin retraces from the recent high and tests the bullish trend line, then we can initiate long orders.

You can see the red bearish candlestick testing the trend line. You must allow the red bearish candlestick to close and a green bullish candlestick to open before initiating a long trade.

 

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