LTC/USD Medium-term Trend: Bearish
Resistance Levels: $67, $68, $69
Support Levels: $65, $64, $63
Yesterday, August 7th, the price of Litecoin was in a sideways trend. The bears had broken the support level at $74 but price pulled back into the range bound zone. It is likely the LTC price will continue its range bound movement. However, today the bears have taken price to the low of $66.82. This is the first low since the beginning of this year. Traders should look out for buy setups to initiate long trades at the end of price decline .
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 a bearish trend is ongoing. The Relative Strength Index period 14 is level 25 which indicates that the market is oversold suggesting bulls to take control of the market.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Litecoin is in a bearish trend. The price of Litecoin is below the 12-day EMA and the 26-day EMA which indicate that price is falling. The MACD line and the signal line are below the zero line which indicates a sell signal.
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