LTCUSD Long-term Trend - Bearish
Distribution territories: $100, $120, $140.
Accumulation territories: $45, $30, $15.
In the past few days Litecoin has lost value against the US dollar. The market fell after touching the $61.50 mark, to around $49.50. Between Aug 15 and 16, the LTC’s price movement was extremely feeble, and as such it was hard to tell where it was going.
On August 17, the cryptocurrency featured saw its price rise, to get close to the $61.50 mark. In spite of the rise, LTC has been trading beneath the two SMAs, but it touched the 14-day SMA. The 50-day SMA is located above the 14-day SMA. This means bearish sentiment isn’t gone.
The Stochastic Oscillators dipped into the oversold zone, and are now pointing north within it, suggesting a bullish market is due. Every indicator seems to show the cryptocurrency won’t go below the accumulation territory of $45 in the next few days.
However, a bullish market may start if the cryptocurrency manages to break past the 14-day SMA’s trend-line, and stay above it for some time. Traders may have to wait for a strong price action in favor of a bullish trend to enter a long position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research