Litecoin (LTC) Struggles Below $46 Resistance Amidst Bullish Expectation

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RESULTS

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

LTC/USD Price Long-term Trend: Bullish
Today, buyers are retesting the $46 high which is now a minor resistance. About 48 hours ago, the bulls were resisted as they attempt to move upward. Buyers are still finding penetration difficult at the resistance. However, if the selling pressure persists, the coin will fall and find support at $43 low. On the other hand, if the bulls break above the minor resistance, LTC will rise and retest the $50 resistance. However, the bears may mount up pressure against the upward move.

Daily Chart Indicators Reading:
Litecoin will resume uptrend if the bulls break above the support line of the ascending channel.The 21-day SMA and 50-day are sloping upward indicating an uptrend. LTC is at level 54 of the Relative Strength Index period 14. The coin is in the uptrend and the bulls are in control.

LTC/USD Medium-term Trend: Bullish
On the 4 hour chart, the market is indicating the downtrend of Litecoin. Since the downward move from the high of $50, the bulls are yet to break the downtrend line. On the upside, if the bulls break the downtrend line and close above it, it will signal the resumption of the uptrend.

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping downward. LTC is above 60% range of the daily stochastic. The market is said to be in a bullish momentum. We expect LTC to move up but it is currently facing minor resistance.

General Outlook for LTC
Litecoin’s upward move is currently facing resistance $46 high. The bulls have been repelled twice at the resistance. Litecoin will rise to $48 and price will extend to $50 if the bulls break above the minor resistance. Failure of the bulls will compel LTC to a sideways move.


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