Litecoin (LTC) Declines to $60 Low as Bears Show Stiff Opposition

Litecoin (LTC) Declines to $60 Low as Bears Show Stiff Opposition

Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

LTC/USD Price Long-term Trend: Bullish
Litecoin has been on a downward move for the past two days. The bulls have been testing the overhead resistance at $80 but unable to break it. The current downward move was at the resistance of $80. Litecoin fell to the low of $65 and it is testing the current support at $66.

On the downside, LTC will fall to a low of $50 if the selling pressure continues. Nonetheless, Litecoin will continue its sideways move if the support at $66 holds. Meanwhile, the bulls may resume an upward move to retest the resistance at $80. Unfortunately, the overhead resistance is yet to be broken since August 2019.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
Litecoin is currently in a bearish momentum as the coin is below 50% range of the daily stochastic. The momentum of the coin has been unsteady as it fluctuates. The bearish momentum is ongoing.

LTC/USD Medium-term Trend: Ranging
On the 4 hour chart, Litecoin is currently in a sideways trend. Early February the bulls have made concerted efforts to break the overhead resistance at $80 but were unsuccessful. Each time the bulls are repelled the coin will fall either to the low of $68 or $72.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
As Litecoin fell to the low of $65, the Relative Strength Index fell to level 28. At level 28, Litecoin is in the oversold region of the market. Simply, it means selling has been overdone. It implies that further depreciation may stop as buyers may emerge to push LTC upward.

General Outlook for LTC
The Relative Strength Index indicates that Litecoin is oversold at $65. Therefore, we expect the bulls to emerge to take control of the price. At the emergence of buyers, LTC may likely reach the overhead resistance at $80. Litecoin may need more buyers at a higher price level to push the coin above the overhead resistance.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy Limit
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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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.