Litecoin (LTC) Price Analysis (February 20)
• The cryptocurrency is in an uptrend in the medium-term and bearish in the short-term outlook respectively.
• Sellers are in temporal control of the market, as they are resuming gradually into the market.
LTC/USD Medium-term Trend: Bullish
• Resistance Levels : $70, $80, $90
• Support Levels: $35.00, $25.00, $15.00
Litecoin is in a bullish trend market in its medium-term outlook. The bears increased momentum pushed price down to $77.36 in the support area, as the market opens yesterday.
The cryptocurrency drops to $67.78 in the support area before the end of yesterday's session as the coin returns journeys down south.
Today’s daily opening doji candle at $70.60 in the support area is bearish as the bears remain dominant in the market. LTCUSD drops further to $69.22 in the support area.
Price is above the EMA-50 and the stochastic oscillator signal pointing down at around level 30% in the overbought region suggests downward momentum in the cryptocurrency price and a likely reversal in the trend of the crypto in the days ahead may occur in the medium-term.
LTC/USD Short-term Trend: Bearish
On the 4-hourly chart, the crypto’s price is in a bearish trend. A bullish hammer candle at $70.60 opens today’s session in the resistance area.
Price of the coin drops to $69.35 as the bears resume into the market in a grand style.
Reactions from the bears further drop the price down to $69.22 in the support area below the two EMAs, this implies that the momentum in price of the coin is in a downward trend.
However, the stochastic signal pointing downwards at level 21% in the oversold region suggests the Price of Litecoin may encounter a change in trend in the nearby days in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.