Litecoin (LTC) Price Analysis – September 11

Azeez Mustapha
  • A long trade should be initiated if price reaches the lower level of price range.
  • You can exit your long trades as price reaches the resistance zone.

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

LTCUSD Medium-term Trend: Bearish

Resistance Levels: $60, $65, $70                                                                                                                          

Support Levels: $50, $45, $40

Yesterday, the price of Litecoin was in a bearish trend. Today it is range with a bearish trend, $50 is the lower level of the range and the major support level of the price of Litecoin. If price reaches the lower level of price range and the level holds, a long trade should be initiated.

Then stop-loss orders should be placed below the $50 price level to guide against sudden price breakdown.  As the price reaches the resistance zone, then you can exit your long trade around the upper band at $60. The same strategy should be adopted when a short trade is taken at the upper level of price range.

Meanwhile, the LTC price is below the 12-day EMA and 26-day EMA which indicates that a bearish trend is continuing. The MACD line and Signal line are below the zero line which indicates a sell signal.

LTCUSD Short-term Trend: Bearish  

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

On the 4-hour chart, the LTC price is in a bearish trend. The cryptocurrency is now approaching the price at $ 53. Meanwhile, the Relative Strength Index period 14 is level 40 which indicates that the market is oversold suggesting bulls to take control of the market..

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.