LTC/USD Medium-term Trend: Bearish
Resistance Levels: $60, $70, $80
Support Levels: $45, $35, $25
Yesterday, September 11, the price of Litecoin was in a bearish trend. In the bearish trend price of Litecoin has fallen to the lower level of price range which is the $50 price level. The cryptocurrency was previously range bound between the levels of $60 and $50. If the $50 price level holds traders should initiate long trade and exit such trade at the upper level of the price range.
While you remember to place a stop loss below $50 price level. If the lower level fails to hold, price will find support at $45 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 29 which indicates that price is in the sideways trend zone.
LTC/USD Short-term: Bearish
On the 1-hour chart, the LTC price is in a bearish trend. The price of the cryptocurrency is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.
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