Litecoin (LTC) Price Analysis (February 27)
• LTCUSD price remains in a bearish zone and declined below the $65.91 support area.
• Overall, the bears seem to be in control below $67.91 and LTCUSD might slide further below $57.
LTC/USD Medium-term Trend: Bearish
• Resistance Levels : $70, $80, $90
• Support Levels: $50, $40, $30
The cryptocurrency is facing an increase in selling pressure and it could continue to slide if it breaks $57.
LTCUSD is really trying hard not to fall below $67. It has already declined significantly these past few days and the bulls have lost control.
After breaking the $65.91 of the support level the bears push price further down at $60.45 in the support area shortly after yesterday's opening. LTCUSD drops to $60 in the support area before the end of the session.
The breakdown in price at the EMAs crossover with a large bearish marubozu at $57.52 yesterday, confirms the bears' takeover.
The market opens today at $60.53 in the support area. Price is down to $57.10 in the supply area as the journey down south continues an indication of downward momentum in price.
With the stochastic oscillator signal pointing down at 17% in the oversold region and price below the two EMAs. These suggest a downward momentum in price in the medium-term. Hence buyers’ relief.
LTC/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. After breaking the $67 of the support area, the bears push price further down to $62.49 in the support area shortly after yesterday's opening. LTCUSD drops to $60.71 in the demand area before the end of the session.
Today’s 4-hourly session opens at $60.53 in the support area as the journey down south continues.
As at the time of writing this article the coin is now trading at $57.10 in the support area below the two EMAs, an indication of downward momentum in price of LTCUSD.
With the stochastic oscillator signal pointing up at around level 15% in the oversold region and price below the two EMA. These suggest that the momentum in price of Litecoin might encounter a trend reversal 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.