LTC/USD Medium-term Trend: Bullish
Resistance Levels: $85, $86, $87
Support Levels:$83, $82, $81
Yesterday, July 4, price of Litecoin was in a bullish trend. I suggested the use of trend line as a means of determining the support levels of price in a bullish market to initiate long trades. Trend lines can also be used to determine the end of a trend. Nevertheless, as the bearish candlestick retraces to test the trend line; the bullish candlestick moves higher highs to reach other price levels.
However, 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 54 which indicates that price of Litecoin is in the sideways trend zone.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Litecoin is in a bullish trend. In the short term trend, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of the cryptoasset is rising as the price bars of Litecoin is above the 12-day EMA and the 26-day EMA.
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