Key Support Levels: $50, $30, $10
LTC/USD Price Long-term Trend: Bearish
In a nutshell, the downward movement of Litecoin is presumed to have ended. In other words, the market has entered a period of consolidation at the bottom of the chart. The major reason is that LTC has fallen into the oversold region at the current market price.
What should follow is the emergence of bulls to push LTC upward. In other words, the market is to have an upward movement and not a downward movement. The selling pressure has been exhausted. LTC is currently consolidating above $60. The current support is likely to hold and upward move is possible after price consolidation.
Daily Chart Indicators Reading:
As already indicated, Litecoin is below 20% range of the daily stochastic. The coin is in the oversold region of the market. The bulls are supposed to emerge so that the upward move will resume. It is very unlikely for selling to continue. Already, the stochastic bands are making U-turn in preparation for an upward move.
LTC/USD Medium-term Trend: Ranging
On the 4 hour chart, Litecoin is currently in a sideways trend. The bulls formed a bearish double top after making two unsuccessful attempts at the resistance. In the third attempt, the market finally drops to a low of $60. The coin is in a period of consolidation.
4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping downward indicating the downtrend. The Relative Strength Index period 14 is level 47 indicating that Litecoin is in a downtrend zone. It is also below the centerline 50.
General Outlook for LTC
According to the stochastic indicator, Litecoin is in the oversold region of the market. An upward movement of price is expected if buyers emerge in the oversold region. Nonetheless, the market may remain if buyers fail to resume on time.
LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $60
Stop: $50
Target: $80
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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