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
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..
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