LTCUSD Medium-term Trend: Ranging
- Resistance Levels: $60, $65, $70
- Support Levels: $60, $50, $40
Yesterday, the price of Litecoin was in a bearish trend after it was resisted at the $76 price level. This bearish trend had been ongoing since April 7, after the bulls were resisted at the $96 price level. On April 29, the crypto’s price fell to a low at $70.93. This price level is likely to hold because it was the previous low of July 11, 2018.
Today, the crypto’s price is in a bullish trend but may face resistance at the $76 price level. On the upside, if the bulls break the 12-day EMA and the 26-day EMA, the $76 resistance level will be broken automatically. The crypto’s price will rise to retest the $84 resistance level.
On the other hand, if the bulls fail to break the resistance level, the crypto’s price will resume a range bound movement. Meanwhile, the stochastic is in the oversold region but above the 20% range which indicates that the crypto is in bullish momentum and a buy signal.
LTCUSD Short-term Trend: Bearish
On the 4-hour chart, the price of Litecoin is in a bearish trend. A bearish trend line showing the resistance levels with pointed arrows. If a bullish candlestick breaks the trend line and another candlestick closes on the opposite of it then the current bearish trend is said to be terminated.
However, if a candlestick breaks the trend line and retraces back to its origin price level, then it is a false breakout. Today, the current bearish trend may have been technically terminated. If the bulls break the $76 resistance level, the crypto’s price will retest the previous highs of $84 and $96.
Meanwhile, the stochastic is in the oversold region but above the 60% range which indicates that the crypto is in a bullish momentum and a buy signal.
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