LTC/USD Medium-term Trend: Bearish
Resistance Levels: $66, $68, $70
Support Levels: $50, $48, $46
Yesterday, November 14, the price of Litecoin was in a sideways trend. The crypto’s price was ranging above the $51 price level when the digital currency encountered a bearish breakout. The crypto’s price broke the lower level of price range and it is approaching the $43 price level. The crypto has reached the oversold region of the market.
Traders are to look out for buy setups and ensure whether the $43 price level is holding. Then long trades should be initiated at the current market price. 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 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the digital currency is in a bearish trend. The crypto’s price fell to the low of $44 and later commenced a range bound movement. The crypto’s price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.