Litecoin (LTC) Upward Move Uncertain Amidst Heavy Selling Pressure

Litecoin (LTC) Upward Move Uncertain Amidst Heavy Selling Pressure

Key Resistance Levels: $70, $60, $50
Key Support Levels: $50, $40, $30

LTC/USD Price Long-term Trend: Ranging
Today, Litecoin is consolidating above $44 after falling to a low of $42. In retrospect, the bearish impulse in September reached the low of $55 and commenced a sideways move. The price corrected upward but was resisted at $65. This resistance led Litecoin to fall to the present support at $44. As the market is consolidating, there is a tendency for price to rebound. On the other hand, the selling pressure may as well continue. Litecoin may suffer further depreciation if the current low at $42 is breached. However, Litecoin can as well rebound if the current low at $42 holds.

LTCUSD-Daily Chart

Daily Chart Indicators Reading:
In October, the bulls break the downtrend line and closed above it. By implication of this breakout, the bearish trend is presumed to be over. However, the bullish breakout was short-lived as the price was resisted at $65. The coin was under fresh selling as it fell to the current low.

LTC/USD Medium-term bias: Ranging
On the 4-hour chart, the bear market is now a sideways trend. The coin is fluctuating between the levels of $42 and $50. The bears have been testing the support level on more than five occasions to break it but to no avail. The coin will fall to a low of $36 if the bears succeed in breaking the support at $42.

LTCUSD - 4 Hour Chart

4-hour Chart Indicators Reading
The MACD line and the signal line are still below the zero line. This indicates that the coin is a sell signal. The 21-day SMA and the 50-SMA are sloping horizontally indicating that the coin is in a sideways trend.

General Outlook for LTC
Litecoin is in a sideways trend. The coin will fluctuate for a few more days as the coin is encountering low volatility. The coin may experience a breakout or a breakdown if the market encounters high volatility. Traders should look out to buy set up as the market is approaching the oversold region.

LTC Trade Signal
Instrument: LTCUSD
Order: Buy Limit
Entry price: $42
Stop: $35
Target: $66

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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.