Litecoin Technical Analysis: LTC Approaches $70 and is Down $13 Billion from Dec 2017 Highs

LTC/USD Medium-term Trend: Bearish

Resistance Levels: $65, $66, $67
Support Levels: $60, $59, $58

Yesterday, August 8th, the price of Litecoin was in a bearish trend. The LTCUSD pair is another cryptocurrency that breaks out of a range bound zone but later fell to the low of $61.67 as at yesterday. The bearish pressure is temporarily suspended but the digital asset is in a sideways trend. 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. Since the market is oversold, the bearish pressure would be exhausted, traders should look out for buy setups to initiate long trades.

LTC/USD Short-term Trend: Bearish

On the 1-hour chart, the LTC price is in a bearish trend. The price of Litecoin is falling because the price of the digital asset is below the 12-day EMA and the 26-day EMA. The MACD line and the signal line are below the zero line which indicates a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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