LTC/USD Medium-term Trend: Bearish
Resistance Levels: $66, $68, $70
Support Levels: $50, $48, $46
Yesterday, October 10, the LTCUSD pair was in a bearish trend. The digital currency had been range bound for some time. The price of Litecoin has fallen and it is approaching the $50 price level which is the lower level of price range. If the bearish pressure continued Litecoin is likely to reach the previous low of $45.
However, traders have to take advantage of initiating long trades as the market reach the oversold region. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, Litecoin is in a bearish trend. The digital currency is approaching the price at $52 in a downward trend. The price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling. The Relative Strength Index period 14 is level 14 which indicates that the market is oversold signaling bear’s exhaustion and suggesting bullso to take control of the market.
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