LTC/USD Medium-term Trend: Bearish
Resistance Levels: $98, $100, $102
Support Levels:$94, $92, $90
Yesterday, June 13, price of Litecoin fell to the low of $91.06. It was assumed that the asset might reach the low of $77. Presently, the asset is making a bullish movement and appreciating in value. Today, the MACD line and the signal line are below the zero line indicating a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Litecoin indicating that the bearish trend is ongoing.
However, a bearish trend line is drawn across the price bars of Litecoin to determine the end of a bearish trend. The bearish trend is assumed ended if price breaks the trend line and the candlestick closed on the opposite of the trend line. Meanwhile, the relative strength index period 14 is level 35 indicates that the market is nearing the oversold condition.Traders are to look for buy setup to initiate long orders as soon as the downtrend is ended.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, price of Litecoin is in a downtrend. On the lower time frame, the 12-day EMA and the 26-day EMA are neither above nor below the price bars of Litecoin indicating a neutral signal.
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