LTC/USD Medium-term Trend: Bearish
Resistance Levels: $75, $77, $79
Support Levels:$70, $68, $66
Yesterday, June 28, price of Litecoin is still in a downward trend. Presently, price of the cryptoasset is approaching the previous low of $74.19. If price breaks the previous low of $74.19, the cryptoasset will find support at $46.91. But if the level is unbroken the cryptoasset will continue its range bound movement .
Presently, it ranges from the support level at $74.19 to the resistance level of $82.72. Traders can trade this ranging market. That is if price tests the support level, you take a long trade and place your stop loss below the support level. Then you exit your trade near the resistance zone.
On the other hand, if price tests the resistance level, you take a short trade, and place a stop loss above the resistance level. Then you exit your trade near the support zone.The MACD line and the signal are below the zero line which indicates a sell signal. Also, 12-day EMA and the 26-day EMA are above the price bars of Litecoin which indicates that the bearish trend is continuing.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Litecoin is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Litecoin which indicates that the bearish trend is continuing. Nevertheless, the relative strength index period 14 is level 30 which indicates that the market is oversold suggesting bulls to take control of the market.
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