LTC/USD Medium-term Trend: Bearish
Resistance Levels: $60, $70, $80
Support Levels: $50, $40, $30
Yesterday, September 6, the LTC price was in a bearish trend. The LTC price fell to its previous low at $53.90. The cryptocurrency has commenced a bullish movement from its low. If the level is not holding, the price of Litecoin will fall to the previous low at $50. However, if the price level holds, initiate long trades at the current market price and a stop loss below the $50 price level.
If the position becomes profitable, you bring your stop-loss orders to breakeven point. Also, 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 38 which indicates that the market is oversold suggesting bulls to take control of the market.
LTC/USD Short-term: Bullish
On the 1-hour chart, the LTC price is in a bullish trend. The LTC price has commenced a bullish movement.The price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The MACD line and the signal line are above the zero line which indicates a buy signal.
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