LTCUSD Medium-term Trend: Bearish
Resistance Levels: $75, $77, $79
Support Levels: $70, $72, $74
The LTC price had been bearish last week but fluctuated between the levels of $91 and $74. On August 4th, the bears broke the support level at $74 but the bulls defended the level and had a pullback. Today, the bearish pressure continues as the bears take control. If the bears succeed in breaking the level and the price falls; the LTC price will find support at either $57 or $52.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars are below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing.
LTCUSD Short-term Trend: Bearish
On the 4-hour chart, the price of Litecoin broke the support level at $74 and the price fell to the low of $72. The bulls took control and brought the price to the high of $74. The bears took over again and made another attempt at the support level of the range-bound zone. Meanwhile, the Relative Strength Index period 14 is level 40 – indicating that the price of Litecoin is in the range-bound zone.
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