LTC/USD
Medium-term Trend: Ranging
Resistance: $108, $109, $110
Support:$106, $105, $104
Support:$106, $105, $104
Last week, price of Litecoin
was also in a ranging market. Price of the asset was fluctuating between the
levels of $119 and $123. However, it was suggested that if the asset fell to
its previous low at $115, traders should initiate long trades. Litecoin is
presently trading at $107.75 as at the time of writing.
However, from the 4-hour
chart , the asset has fallen to the low of $104.75 . This was the previous low
of the asset, and price has commenced a bullish movement. Meanwhile, the MACD
line and the signal line are below the zero line indicating a sell signal .
Also, 12-day EMA and 26-day EMA are above the price of the asset indicating
that the bearish trend is ongoing.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, price of
Litecoin is in a bearish trend. Price of the asset has fallen to the low of
$102.77 but has commenced a bullish movement. The MACD line and the signal line
are deep below the zero line indicating a sell signal. If the bearish pressure
continued the support levels would be breached.
The
views and opinions expressed here do not reflect that of
BitcoinExhangeGuide.com and do not constitute financial advice. Always do your
own research.
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