LTC/USD Medium-term Trend: Bullish

Resistance Levels: $86, $88, $90
Support Levels:$82, $80, $78

Yesterday, July 3, price of Litecoin was in a bullish trend. We drew a bullish trend line to enable us determine the support levels of Litecoin price. The understanding was that in a bullish trend if price retraces and tests the bullish trend line, then we can initiate a long order. Today, price is testing the bullish trend line but we have to wait for the bearish candlestick to close and a bullish candlestick opens before we can initiate a long trade.

Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is continuing. Nevertheless, the relative strength index period 14 is level 52 which indicates that price of Litecoin is in the sideways trend zone.

LTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Litecoin is in a bearish trend. The 12-day EMA and the 26-day EMA is above the price bars of Litecoin which indicates a bearish trend. The RSI period 14 is level 41 indicates that price is in the sideways trend zone .

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

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