LTCUSD Medium-term Trend: Bearish
Resistance Levels: $63, $64, $65
Support Levels: $60, $59, $58
Yesterday, August 9th, Litecoin’s price was in a bearish trend. It was assumed that if the bearish pressure continued, the cryptocurrency would fall to the lows of $52 and $57. Yet, the cryptocurrency closed at $63.61. Today, LTC is in a range bound movement. Its price will be fluctuating around $62.02, waiting for another breakout.
While the market’s direction isn’t known, no trades are recommended. However, the MACD and signal lines are below the zero line which indicates a sell signal. Also, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing.
LTCUSD Short-term Trend: Bearish
On the 4-hour chart, LTC is in a bearish trend. Its price is still below the 12-day EMA and the 26-day EMA which indicates a bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 31 which indicates the market is oversold, suggesting the bulls may take over.
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