LTC/USD Medium-term Trend: Ranging
Resistance Levels: $83, $84, $85
Support Levels:$81, $80, $79
Last week price of Litecoin was in a sideways trend. The cryptocurrency was fluctuating between the levels of $77.96 and $90.48. Today, price of Litecoin is falling to the support level. In a sideways trend, traders can trade the key levels of resistance and support. Presently, price of Litecoin is nearing the support level. Therefore, you initiate a long trade as price tests the support level . Then a stop loss be placed below the support level.
You exit your long trades near the resistance zone. If price gets to the resistance level, you initiate a short trade and place a stop loss above the resistance level. Then you exit your short trades near the support zone. Nevertheless, the MACD line and the signal line are neither above nor below the zero line which indicates a neutral signal. Also, the price bars of Litecoin is neither above nor below the 12-day EMA and the 26-day EMA which indicates that price is in the sideways trend. Nevertheless, the relative strength index period 14 is level 44 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. In addition, the price bars of Litecoin are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing.
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