• The cryptocurrency is falling hard as the price slips below $45 leading to a wide sell-off.
• Bears are gaining momentum in the Litecoin market and may continue in the same pattern.
LTC/USD Medium-term Trend: Ranging
• Resistance levels : $70, $80, $90
• Support levels: $20, $10, $9
Litecoin remains in a range-bound market in the short-term perspective as we can see from the daily chart here. The bulls manage to push the price up at $43.82 and $41.99 in the resistance area as high and low of the day respectively during yesterday's session as the cryptocurrency continues consolidation.
The bulls’ increased momentum lost as the bears takes over and open today’s daily session with a bearish candle at $43.27 in the support area within the range. LTCUSD drops further to $42.80 in the support area within the range.
A divergence is noticed as the signal of the stochastic oscillator points up at level 31 % in the oversold region and price stays below the two EMAs. It suggests the overall outlook shows upward momentum while a temporary drawdown may occur within the range in the days ahead.
LTCUSD is in consolidation in the medium-term. A breakout at the upper resistance area or breakdown at the lower support area followed by a retest may occur hence, traders need to be slow in action to allow this to happen before a position is taken.
LTC/USD Short-term Trend: Bearish
The cryptocurrency is in a downtrend in its short-term outlook. The impulsive move by the bulls at $43.02 reduces, due to the formation of a bullish inverted hammer at $43.10 as the market opens yesterday with a close at $43.26 and high at $43.82 in the resistance area.
The 4-hourly session at $43.27 in the support area opens on a bearish note as the bears gradually return to the market.
The bears drop the price to $42.80 in the support area. The journey down south continues as the initial price of Litecoin moves down to $42.78 in the support area.
The price which is below the EMA-50 indicates that sellers are gaining momentum in the market at the present and the bulls are going on hibernation.
The stochastic oscillator signal is pointing downwards at around level77% in the overbought region suggests the momentum in price is in a downtrend and sellers may remain in dominant of the market in the days ahead 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.