Litecoin (LTC) Rebounds but Fails to Reach the Previous High

Litecoin (LTC) Rebounds but Fails to Reach the Previous High

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

LTC/USD Price Long-term Trend: Bullish
Recently, Litecoin reached a high of $84 in an upward move since on February 13. The coin traded and reached the overbought region of the market. In the overbought region, buying has been overdone. The upward move of the coin has been hampered because of the absence of buyers. In the region, sellers are generated who are responsible for pushing Litecoin downward. Litecoin fell to  $70 support and rebounded. LTC has risen to a high of $76 to retest the overhead resistance.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
At the moment, the Relative Strength index period 14 level 60 indicates that LTC is still in the uptrend zone. The coin will rise to retest its previous high. Presently, 21–day SMA provides support to the price that fell and rebounded. The price of LTC is above the EMAs indicating that uptrend is ongoing.

LTC/USD Medium-term Trend: Bullish
On the 4 hour chart, the bulls tested the $80 resistance on two occasions. In the first instance, the price was repelled and the coin fell to the support of the 21-day SMA. In the second instance, the resistance was much as it fell and broke the SMAs and reach the support of the trend line. The coin rebounded above the trend line.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Litecoin is currently in a bullish momentum as the coin reaches above 80% range of the daily stochastic. The coin is said to be in a strong bullish momentum as it is above the 80% range. The selling pressure would have resumed if the price has broken below the trend line.

General Outlook for LTC
Litecoin survived the recent downward move as the coin find support and rebounded. The bulls made an upward move but were resisted. The price is now consolidating below $80 resistance. All the indicators are indicating an upward move of the coin. The major indication is that the price is above the 21-day SMA and the 50-day SMA signaling the uptrend.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $76
Stop: $68
Target: $90

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 an experienced author, trader, markets analyst, signals strategist, and funds-manager.