LTC/USD Medium-term Trend: Bullish
Resistance Levels: $83, $84, $85
Support Levels:$81, $80, $79
Yesterday, July 5, price of Litecoin was in a bullish trend. We adopted the use of trend line tool as a means of determining the support levels to initiate long trades. But we cannot continue with the trend line because price of Litecoin has broken the trend line and the candlestick closed on the opposite of it. The implication is that the current trend is likely to reverse.
Therefore, we have to move along with the new trend to adopt another strategy.
From the chart, 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 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 43 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. In the short term trend, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the 12-day EMA and the 26-day EMA are above the price bars of Litecoin which indicates that the bearish trend is ongoing.
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