Litecoin (LTC) Turns Down From $80 Resistance, a Sideways Move Likely

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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, Litecoin is in an upward move after rebounding at a low of $72. The coin has moved up to a high of $79.65 but it is being resisted. On February 9, the bulls have earlier tested the $78 but were resisted and the coin fell to the low of $72. It was at this low we have the current upward movement. On the upside, if the price breaks the minor resistance at $79, LTC will rally above $80. On the downside, if the selling pressure continues the coin will reach the low of $72.

Daily Chart Indicators Reading:
Meanwhile, Litecoin is above 80% range of the daily stochastic. This means that LTC is in the overbought region of the market. LTC is likely to fall because buying is overdone and buyers are not available in the overbought region. Sellers are generated to push the coin downward.

LTC/USD Medium-term bias: Bullish
On the 4 hour chart, the bulls are in an upward move as the price reached a high of $79.65. Thereafter, a Doji candlestick appears in the uptrend. It indicates that the current uptrend is likely to reverse. In the uptrend, a Doji candlestick explains that buyers are unable to push the price higher. In addition, sellers are coming in to push prices to the opening price.

4-hour Chart Indicators Reading
Litecoin is above level 64 of the Relative Strength Index period 14. This explains that Litecoin is in the uptrend zone. The RSI indicates that Litecoin will rise again. Presently, the moving averages are trending northward indicating the uptrend.

General Outlook for LTC
Litecoin is still trading in the uptrend according to the Relative Strength Index and the daily Stochastic. Litecoin is in the overbought region. Presently, the upward move is doubtful because of the overbought condition. Secondly, a Doji candlestick indicates that the bulls are not able to push the coin higher.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $79.63
Stop: $70
Target: $90

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